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Rogers Communications (NYSE: RCI) Q2 loss tied to MLSE deal

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

Rogers Communications Inc. reported second‑quarter 2026 revenue of $5,615 million, up 8%, and total service revenue of $5,055 million, also up 8%. Adjusted EBITDA rose 3% to $2,442 million, though the adjusted EBITDA margin declined 1.8 points to 43.5% as Media and Cable outpaced flat Wireless.

The company recorded a net loss of $665 million, driven by a $1,034 million non‑cash loss revaluing the MLSE put liability, while adjusted net income was stable at $633 million. Free cash flow increased 6% to $982 million as capital expenditures fell 16% to $695 million, even as Rogers continued 5G and fibre investments.

Rogers agreed to acquire the remaining 25% of MLSE for $4.35 billion in cash, to be funded with existing and new short‑term credit facilities and expected to close in the fourth quarter subject to league approvals; upon completion, it will own 100% of MLSE and then intends to sell a minority interest in its consolidated sports and entertainment assets, which it expects will unlock significant value. Available liquidity was $6.1 billion, the debt leverage ratio improved to 3.8, and a quarterly dividend of $0.50 per share was declared.

Positive

  • Free cash flow rose to $982 million in Q2 2026, up 6% year over year, supported by lower capital expenditures of $695 million while continuing major network and venue investments.
  • The debt leverage ratio improved to 3.8x, with $6.1 billion of available liquidity including $1.7 billion in cash and substantial undrawn bank and securitization capacity.
  • Rogers agreed to acquire the remaining 25% of MLSE for $4.35 billion in cash, expected to result in 100% ownership of marquee sports franchises ahead of a planned minority sale of combined sports assets.

Negative

  • Rogers reported a quarterly net loss of $665 million, versus prior‑year profit, mainly from a $1,034 million non‑cash loss revaluing the MLSE put liability tied to the planned MLSE minority interest acquisition.

Filing Explained

Rogers has not completed the 4.35 billion MLSE purchase; its funding plan depends on existing and new short-term credit facilities.

The July 22 filing says Rogers’ agreed $4.35 billion cash purchase of MLSE’s remaining 25% remains pending league approvals and is expected in the fourth quarter; if completed, it would make MLSE wholly owned and be funded through credit facilities. The balance sheet also shows current long-term debt due within one year at June 30.

At June 30, Rogers reported net available liquidity and short-term borrowings, alongside the current debt maturities; these figures describe available funding and existing obligations, not payment of the MLSE price.

Although Rogers says a planned minority sale of its consolidated sports, media, and entertainment assets would unlock significant value, it states that the sale may not occur, may not reach the expected amount or timing, and would require league approvals.

For existing common holders, the disclosed structural change is a pending, credit-funded acquisition that would increase Rogers’ sports-asset exposure and debt obligations if completed, while the intended offsetting asset sale remains uncertain.

Revenue $5,615 million Three months ended June 30, 2026; up 8% year over year
Adjusted EBITDA $2,442 million Q2 2026 consolidated adjusted EBITDA; 3% year-over-year increase
Net loss $665 million Q2 2026 net loss driven by MLSE put liability revaluation
Free cash flow $982 million Q2 2026 free cash flow; 6% higher than Q2 2025
Capital expenditures $695 million Q2 2026 capex; 16% lower than prior-year quarter
Debt leverage ratio 3.8 Adjusted net debt divided by trailing 12‑month adjusted EBITDA at June 30, 2026
Available liquidity $6.1 billion Cash, undrawn credit facilities and receivables securitization at June 30, 2026
MLSE minority interest purchase price $4.35 billion Cash consideration to acquire remaining 25% of MLSE from Kilmer Sports Inc.
adjusted EBITDA financial
"Consolidated adjusted EBITDA increased 3% this quarter, primarily as a result"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
free cash flow financial
"Generated strong free cash flow1 of $982 million and cash flow from"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
debt leverage ratio financial
"Our debt leverage ratio2 was 3.8 as at June 30, 2026"
Debt leverage ratio measures how much a company borrows compared with the size of its balance sheet — typically shown as debt divided by equity or by total assets. Think of it like a household mortgage ratio: higher leverage means more borrowing relative to what you own, which can boost returns when things go well but increases interest costs and the chance of trouble if revenue falls. Investors watch it to judge financial risk, borrowing capacity and potential impact on earnings and share value.
receivables securitization program financial
"Our short-term borrowings consist of amounts outstanding under our receivables securitization program"
cross-currency interest rate exchange agreements financial
"We use cross-currency interest rate exchange agreements, forward cross-currency interest"
subsidiary equity derivatives financial
"We have entered into cross-currency interest rate exchange agreements to manage the foreign exchange risk of our subsidiary equity investment"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did Rogers Communications (RCI) perform financially in Q2 2026?
Rogers generated $5,615 million in revenue in Q2 2026, up 8%, with adjusted EBITDA of $2,442 million, up 3%. However, a non‑cash MLSE put revaluation drove a $665 million net loss, while adjusted net income was steady at $633 million.

What is driving Rogers Communications (RCI) net loss in Q2 2026?
The reported $665 million net loss in Q2 2026 mainly reflects a $1,034 million non‑cash loss on revaluation of the MLSE put liability. Core operations remained solid, with adjusted net income of $633 million and adjusted EBITDA growth of 3% versus Q2 2025.

What major MLSE transaction did Rogers Communications (RCI) announce?
Rogers agreed to acquire the remaining 25% of MLSE from Kilmer Sports for $4.35 billion in cash. The purchase is intended to be funded through existing and new short‑term credit facilities and is expected to close in Q4, subject to league approvals.

How strong was Rogers Communications (RCI) free cash flow and liquidity in Q2 2026?
Free cash flow reached $982 million in Q2 2026, up 6%, helped by lower capital expenditures. Available liquidity totaled $6.1 billion, including $1.7 billion in cash and $4.4 billion of undrawn bank and securitization capacity, while the debt leverage ratio improved to 3.8.

What dividend did Rogers Communications (RCI) declare for shareholders?
Rogers declared a quarterly dividend of $0.50 per Class A and Class B Non‑Voting share on July 21, 2026. The dividend is payable on October 2, 2026 to shareholders of record on September 8, 2026, continuing the company’s established cash return pattern.

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 ________________________________________________

FORM 6-K
 ________________________________________________
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
 ________________________________________________
For the month of July, 2026
Commission File Number 001-10805
 ________________________________________________
ROGERS COMMUNICATIONS INC.
(Translation of registrant’s name into English)
 ________________________________________________
333 Bloor Street East
10th Floor
Toronto, Ontario M4W 1G9
Canada
(Address of principal executive offices)
________________________________________________
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F  o             Form 40-F  þ


Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
ROGERS COMMUNICATIONS INC.
By: /s/ Glenn Brandt
 Name: Glenn Brandt
 Title: Chief Financial Officer
Date: July 22, 2026


Exhibit Index
 
Exhibit Number  Description of Document
99.1  Management's Discussion and Analysis of Rogers Communications Inc. for the second quarter ended June 30, 2026
99.2Interim Condensed Consolidated Financial Statements of Rogers Communications Inc. for the second quarter ended June 30, 2026
99.3Earnings Release of Rogers Communications Inc. for the second quarter ended June 30, 2026



MANAGEMENT'S DISCUSSION AND ANALYSIS    Exhibit 99.1

This Management's Discussion and Analysis (MD&A) contains important information about our business and our performance for the three and six months ended June 30, 2026 and forward-looking information (see "About Forward-Looking Information") about future periods. This MD&A should be read in conjunction with our Second Quarter 2026 Interim Condensed Consolidated Financial Statements (Second Quarter 2026 Interim Financial Statements) and notes thereto, which have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB); our 2025 Annual MD&A; our 2025 Annual Audited Consolidated Financial Statements and notes thereto, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the IASB; and our other recent filings with Canadian and US securities regulatory authorities, including our Annual Information Form, which are available on SEDAR+ at sedarplus.ca or EDGAR at sec.gov.

For more information about Rogers, including product and service offerings, competitive market and industry trends, our overarching strategy, key performance drivers, and objectives, see "Understanding Our Business", "Corporate Overview", and "Delivering on our Priorities" in our 2025 Annual MD&A.

References to the Shaw Transaction are to our acquisition of Shaw Communications Inc. (Shaw) on April 3, 2023 (see "Shaw Transaction" in our 2023 Annual MD&A and our 2023 Annual Audited Consolidated Financial Statements). References to the MLSE Transaction are to our acquisition of BCE Inc.'s (Bell) indirect 37.5% interest in Maple Leaf Sports & Entertainment Ltd. (MLSE) on July 1, 2025 (see "MLSE Transaction" in our 2025 Annual MD&A and our 2025 Annual Audited Consolidated Financial Statements). References to the "network transaction" are to our sale of a non-controlling interest in Backhaul Network Services Inc. (BNSI), a Canadian subsidiary of Rogers that owns a minor part of our wireless network (see "Subsidiary Equity Investment" in our 2025 Annual MD&A and our 2025 Annual Audited Consolidated Financial Statements).

We, us, our, Rogers, Rogers Communications, and the Company refer to Rogers Communications Inc. and its subsidiaries. RCI refers to the legal entity Rogers Communications Inc., not including its subsidiaries. Rogers also holds interests in various investments and ventures.

All dollar amounts in this MD&A are in Canadian dollars unless otherwise stated and are unaudited. All percentage changes are calculated using the rounded numbers as they appear in the tables. This MD&A is current as at July 21, 2026 and was approved by the Audit and Risk Committee of RCI's Board of Directors (the Board) on that date.

We are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI).

In this MD&A, this quarter, the quarter, or second quarter refer to the three months ended June 30, 2026, the first quarter refers to the three months ended March 31, 2026, and year to date refers to the six months ended June 30, 2026, unless the context indicates otherwise. All results commentary is in descending order of magnitude and is compared to the equivalent period in 2025 or as at December 31, 2025, as applicable, unless otherwise indicated.

Xfinity marks and logos are trademarks of Comcast Corporation, used under license. ©2026 Comcast. Rogers trademarks in this MD&A are owned or used under licence by Rogers Communications Inc. or an affiliate. This MD&A may also include trademarks of other third parties. The trademarks referred to in this MD&A may be listed without the ™ symbols. ©2026 Rogers Communications

Reportable segments
We report our results of operations in three reportable segments. Each segment and the nature of its business is as follows:
SegmentPrincipal activities
WirelessWireless telecommunications operations for Canadian consumers, businesses, the public sector, and wholesale providers.
CableCable telecommunications operations, including Internet, television and other video (Video), Satellite, telephony (Home Phone), and home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets.
MediaA diversified portfolio of media properties, including sports media and entertainment, sports team ownership, television and radio broadcasting, specialty channels, and digital media.

Wireless and Cable are operated by our wholly owned subsidiary, Rogers Communications Canada Inc. (RCCI), and certain other subsidiaries. Media is operated by our wholly owned subsidiary, Rogers Media Inc., its subsidiaries, and MLSE. Effective July 2025, TSC was transferred from the Media reportable segment to Corporate Items, consistent with changes to its management structure. Comparative results have been recast to reflect this change, with no impact on consolidated results.
Rogers Communications Inc.
1
Second Quarter 2026

Where to find it
2
Strategic Highlights
28
Commitments and Contractual Obligations
3
Quarterly Financial Highlights
28
Regulatory Developments
4
Summary of Consolidated Financial Results
29
Updates to Risks and Uncertainties
5
Results of our Reportable Segments
29
Material Accounting Policies and Estimates
11
Review of Consolidated Performance
30
Financial Guidance
14
Managing our Liquidity and Financial Resources
30
Key Performance Indicators
20
Overview of Financial Position
31
Non-GAAP and Other Financial Measures
21
Financial Condition
35
Other Information
24
Financial Risk Management
37
About Forward-Looking Information

Strategic Highlights

The five objectives set out below guide our work and decision-making as we further improve our operational execution and make well-timed investments to grow our core businesses and deliver increased shareholder value. Below are some highlights for the quarter.

Build the biggest and best networks in the country
•Ranked best 5G+ network in Canada by umlaut in June 2026, a global leader in independent network performance benchmarking.
•Expanded satellite-to-mobile coverage to the US for roaming customers, providing the most coverage in Canada and the US of any Canadian wireless service provider.
•Deployed cloud-native network technology as an additional layer of mobile network resilience with Nokia and AWS – a global first.
•Invested $27 million to upgrade Canada’s best 5G+ network at stadiums and fan zones in Toronto and Vancouver, host cities for the FIFA World Cup.

Deliver easy to use, reliable products and services
•Expanded Rogers Xfinity Multiview to allow viewers to watch four live events at once.
•Delivered new 5G+ plans with premium features, including industry‑first Priority Network Access.
•Launched Rogers Red Partner, an integrated point-of-sale and credit card program for small- and medium-sized businesses.

Be the first choice for Canadians
•More Canadians continued to choose Rogers Wireless and Internet over any other provider.
•Attracted attendance over 95% of capacity for Toronto Blue Jays games at Rogers Centre, the best second quarter attendance since 1994.
•Reached 24 million Canadians throughout the 2026 Stanley Cup Playoffs on Sportsnet.
•Secured the #1 Canadian conventional English-language drama for the third consecutive year with Law & Order Toronto: Criminal Intent.

Be a strong national company investing in Canada
•Invested $695 million in capital expenditures.
•Launched "The 5.2 Project" as part of our Screen Break program to help Canadian youth balance their screen time.
•Named one of Canada’s Greenest Employers for the eleventh consecutive year by Mediacorp Canada Inc.
•Announced a new long-term agreement renewing Rogers as a partner of Toronto Pearson Airport.

Be the growth leader in our industry
•Grew total service revenue by 8% and adjusted EBITDA by 3%.
•Generated strong free cash flow1 of $982 million and cash flow from operating activities of $1,517 million.

Update on sports and entertainment assets
On July 6, 2026, we announced we had entered into an agreement to acquire the remaining 25% ownership interest in MLSE from Kilmer Sports Inc. for $4.35 billion in cash (MLSE minority interest acquisition), which we intend to fund through existing and new short-term credit facilities. Upon completion of this transaction, we will own 100% of MLSE. This transaction is subject to league approvals and is expected to close in the fourth quarter. As a result of this agreement, we have recognized a loss related to the MLSE put liability (see "Review of Consolidated Performance" for more information).

MLSE owns the Toronto Maple Leafs (NHL), Toronto Raptors (NBA), Toronto FC (MLS), Toronto Argonauts (CFL), various minor league teams, and associated real estate holdings, including Scotiabank Arena. MLSE also holds interests in certain
1 Free cash flow is a capital management measure. See "Non-GAAP and Other Financial Measures" for more information about this measure.
Rogers Communications Inc.
2
Second Quarter 2026

entities that are complementary to its sports and events businesses. Following completion of this transaction, MLSE will become a wholly owned subsidiary of Rogers, further enhancing our sports and entertainment portfolio, which also includes the Toronto Blue Jays, Rogers Centre, and Sportsnet.

Following the close of the above transaction, we intend to pursue the sale of a minority interest in our consolidated sports, media, and entertainment assets (Rogers Sports) to third-party investors over the next year. We expect this will unlock significant value for Rogers.

Quarterly Financial Highlights

Revenue
Total revenue and total service revenue increased by 8% this quarter, primarily as a result of revenue growth in Media and Cable.

Wireless service revenue this quarter was in line with the prior year as the impact of the cumulative addition of new customers was offset by a decline in mobile phone ARPU. Wireless equipment revenue increased by 2%, primarily as a result of a continued shift in the product mix towards higher-value devices.

Cable service revenue increased by 1% this quarter, primarily as a result of retail Internet subscriber growth and base management activities. Excluding the impact of the sale of our customer-facing data centre business in 2025, Cable service revenue would have increased by 2% this quarter.

Media revenue increased by 53% this quarter, primarily as a result of revenue from MLSE following the July 1, 2025 closing of the MLSE Transaction.

Adjusted EBITDA and margins
Consolidated adjusted EBITDA increased 3% this quarter, primarily as a result of EBITDA growth in Media, and our adjusted EBITDA margin decreased by 180 basis points.

Wireless adjusted EBITDA increased by 1%, primarily as a result of higher equipment margins. This gave rise to an adjusted EBITDA margin of 66%, up 70 basis points.

Cable adjusted EBITDA increased by 1% due to the flow-through impact of higher revenue, as discussed above. This gave rise to an adjusted EBITDA margin of 58%, up 10 basis points. Excluding the impact of the sale of our customer-facing data centre business in 2025, Cable adjusted EBITDA would have increased by 2% this quarter.

Media adjusted EBITDA increased by $61 million this quarter, primarily due to the aforementioned revenue impacts and associated costs.

Net loss and adjusted net income
There was a net loss of $665 million this quarter as a result of the $1,034 million non-cash loss on revaluation of the MLSE put liability (see "Update on sports and entertainment assets"). Adjusted net income this quarter was in line with the prior year, as higher adjusted EBITDA was offset by higher depreciation and amortization and higher finance costs.

Cash flow, available liquidity, and returns to shareholders
This quarter, we generated cash provided by operating activities of $1,517 million (2025 - $1,596 million), which decreased as a result of higher net investment in net operating assets and liabilities partially offset by higher adjusted EBITDA, and free cash flow of $982 million (2025 - $925 million), which increased primarily as a result of lower capital expenditures and higher adjusted EBITDA, partially offset by distributions to non-controlling interests. Our free cash flow generation is expected to further strengthen our balance sheet over time through accelerated repayment of debt.

As at June 30, 2026, we had $6.1 billion of available liquidity2 (December 31, 2025 - $5.9 billion), reflecting $1.7 billion in cash and cash equivalents and $4.4 billion available under our bank and other credit facilities.

Our debt leverage ratio2 was 3.8 as at June 30, 2026 (December 31, 2025 - 4.0, or 3.92 on an adjusted basis to include trailing 12-month adjusted EBITDA of a combined Rogers and MLSE as if the MLSE Transaction had closed at the beginning of the trailing 12-month period). See "Financial Condition" for more information.

We also returned $270 million in dividends to shareholders this quarter and we declared a $0.50 per share dividend on July 21, 2026.
2    Available liquidity and debt leverage ratio are capital management measures. Pro forma debt leverage ratio is a non-GAAP ratio. Pro forma trailing 12-month adjusted EBITDA is a non-GAAP financial measure and is a component of pro forma debt leverage ratio. See "Non-GAAP and Other Financial Measures" and "Financial Condition" for more information about these measures. These are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other companies. See "Financial Condition" for a reconciliation of available liquidity.
Rogers Communications Inc.
3
Second Quarter 2026

Summary of Consolidated Financial Results
  Three months ended June 30Six months ended June 30
(In millions of dollars, except margins and per share amounts)20262025% Chg20262025% Chg
 
Revenue
Wireless2,540 2,540 — 5,131 5,084 1 
Cable1,984 1,968 1 3,932 3,903 1 
Media1,155 757 53 2,143 1,299 65 
Corporate items and intercompany eliminations(64)(49)31 (109)(94)16 
Revenue5,615 5,216 8 11,097 10,192 9 
Total service revenue 1
5,055 4,668 8 9,967 9,115 9 
Adjusted EBITDA
Wireless1,313 1,305 1 2,636 2,616 1 
Cable1,158 1,147 1 2,280 2,255 1 
Media69 8 n/m69 (55)n/m
Corporate items and intercompany eliminations(98)(98)— (179)(200)(11)
Adjusted EBITDA 2
2,442 2,362 3 4,806 4,616 4 
Adjusted EBITDA margin 2
43.5 %45.3 %(1.8 pts)43.3 %45.3 %(2.0 pts)
 
Net (loss) income(665)148 n/m(183)428 n/m
Net (loss) income attributable to RCI shareholders(726)157 n/m(288)437 n/m
(Loss) earnings per share attributable to RCI shareholders:
Basic($1.34)$0.29 n/m($0.53)$0.81 n/m
Diluted($1.37)$0.29 n/m($0.55)$0.79 n/m
 
Adjusted net income 2
633 632 — 1,183 1,175 1 
Adjusted net income attributable to RCI shareholders 2
640 620 3 1,190 1,163 2 
Adjusted earnings per share attributable to RCI shareholders 2:
Basic
$1.19 $1.15 3 $2.20 $2.16 2 
Diluted
$1.15 $1.14 1 $2.17 $2.14 1 
 
Capital expenditures695 831 (16)1,503 1,809 (17)
Cash provided by operating activities1,517 1,596 (5)3,012 2,892 4 
Free cash flow982 925 6 1,758 1,511 16 
n/m - not meaningful
1    As defined. See "Key Performance Indicators".
2    Adjusted EBITDA is a total of segments measure. Adjusted EBITDA margin is a supplementary financial measure. Adjusted basic and adjusted diluted earnings per share attributable to RCI shareholders are non-GAAP ratios. Adjusted net income and adjusted net income attributable to RCI shareholders (a component of adjusted basic and adjusted diluted earnings per share) are non-GAAP financial measures. These are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other companies. See "Non-GAAP and Other Financial Measures" for more information about these measures.

Rogers Communications Inc.
4
Second Quarter 2026

Results of our Reportable Segments

WIRELESS

Wireless Financial Results
 Three months ended June 30Six months ended June 30
(In millions of dollars, except margins)20262025% Chg20262025% Chg
 
Revenue
Service revenue from external customers
1,954 1,972 (1)3,951 3,975 (1)
Service revenue from internal customers36 27 33 70 50 40 
Service revenue
1,990 1,999 — 4,021 4,025 — 
Equipment revenue from external customers
550 541 2 1,110 1,059 5 
Revenue
2,540 2,540 — 5,131 5,084 1 
 
Operating costs
Cost of equipment503 528 (5)1,044 1,036 1 
Other operating costs
724 707 2 1,451 1,432 1 
Operating costs
1,227 1,235 (1)2,495 2,468 1 
 
Adjusted EBITDA1,313 1,305 1 2,636 2,616 1 
 
Adjusted EBITDA margin 1
66.0 %65.3 %0.7 pts65.6 %65.0 %0.6 pts
Capital expenditures
188 365 (48)467 772 (40)
1    Calculated using service revenue.

Wireless Subscriber Results 1
  Three months ended June 30Six months ended June 30
(In thousands, except churn and mobile phone ARPU)20262025Chg20262025Chg
Postpaid mobile phone
Gross additions333 362 (29)762 699 63 
Net additions22 35 (13)50 46 4 
Total postpaid mobile phone subscribers 2
11,045 10,910 135 11,045 10,910 135 
Churn (monthly)0.94 %1.00 %(0.06 pts)1.08 %1.01 %0.07 pts
Prepaid mobile phone
Gross additions199 135 64 348 267 81 
Net additions18 26 (8)23 49 (26)
Total prepaid mobile phone subscribers 2
1,223 1,160 63 1,223 1,160 63 
Churn (monthly)5.01 %3.23 %1.78 pts4.52 %3.28 %1.24 pts
Mobile phone ARPU (monthly) 3
$54.25 $55.45 ($1.20)$54.94 $56.24 ($1.30)
1    Subscriber counts and subscriber churn are key performance indicators. See "Key Performance Indicators".
2    As at end of period.
3    Mobile phone ARPU is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" for an explanation as to the composition of this measure.

Service revenue
Service revenue this quarter and year to date were in line with the prior year as the cumulative addition of new customers was offset by a decline in mobile phone ARPU as a result of the cumulative impact of competitive intensity.

The decreases in postpaid gross and net additions this quarter were a result of the overall slowing of population growth in Canada. The increases in postpaid gross and net additions year to date were a result of sales execution in a highly promotional and competitive Canadian market in the first quarter of 2026.

Equipment revenue
The 2% increase in equipment revenue this quarter and 5% increase year to date were primarily a result of:
•a continued shift in the product mix towards higher-value devices; partially offset by
•a decrease in new subscribers purchasing devices.

Rogers Communications Inc.
5
Second Quarter 2026

The increase year to date was also affected by higher device upgrades by existing customers.

Operating costs
Cost of equipment
The 5% decrease in the cost of equipment this quarter and 1% increase year to date were a result of the equipment revenue changes discussed above.

Other operating costs
The 2% increase in other operating costs this quarter and 1% increase year to date were a result of:
•costs associated with our new satellite-to-mobile product offering; and
•higher costs associated with marketing and advertising initiatives.

Adjusted EBITDA
The 1% increases in adjusted EBITDA this quarter and year to date were a result of the revenue and expense changes discussed above.

Rogers Communications Inc.
6
Second Quarter 2026

CABLE

Cable Financial Results
  Three months ended June 30Six months ended June 30
(In millions of dollars, except margins)20262025% Chg20262025% Chg
Revenue
Service revenue from external customers
1,952 1,944 — 3,874 3,851 1 
Service revenue from internal customers22 17 29 38 34 12 
Service revenue
1,974 1,961 1 3,912 3,885 1 
Equipment revenue from external customers
10 7 43 20 18 11 
Revenue1,984 1,968 1 3,932 3,903 1 
Operating costs
826 821 1 1,652 1,648 — 
Adjusted EBITDA1,158 1,147 1 2,280 2,255 1 
Adjusted EBITDA margin58.4 %58.3 %0.1 pts58.0 %57.8 %0.2 pts
Capital expenditures367 404 (9)775 850 (9)

Cable Subscriber Results 1
  Three months ended June 30Six months ended June 30
(In thousands, except ARPA and penetration)20262025Chg20262025Chg
Homes passed 2
10,624 10,354 270 10,624 10,354 270 
Customer relationships
Net additions9 16 (7)6 20 (14)
Total customer relationships 2
4,862 4,825 37 4,862 4,825 37 
ARPA (monthly) 3
$135.49 $135.74 ($0.25)$134.32 $136.59 ($2.27)
Penetration 2
45.8 %46.6 %(0.8 pts)45.8 %46.6 %(0.8 pts)
Retail Internet
Net additions17 26 (9)24 49 (25)
Total retail Internet subscribers 2
4,521 4,446 75 4,521 4,446 75 
Video
Net losses(22)(25)3 (54)(57)3 
Total Video subscribers 2
2,449 2,560 (111)2,449 2,560 (111)
Home Monitoring
Net additions1 3 (2)5 8 (3)
Total Home Monitoring subscribers 2
158 141 17 158 141 17 
Home Phone
Net losses(26)(29)3 (56)(55)(1)
Total Home Phone subscribers 2
1,333 1,452 (119)1,333 1,452 (119)
1    Subscriber results are key performance indicators. See "Key Performance Indicators".
2    As at end of period.
3    ARPA is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" for an explanation as to the composition of this measure.

Service revenue
The 1% increases in service revenue this quarter and year to date were a result of:
•retail Internet subscriber growth; and
•base management activities, including adjustments to subscriber rates and bundled service offerings; partially offset by
•declines in our Home Phone and Video subscriber bases.

Excluding the impact of the sale of our customer-facing data centre business in 2025, Cable service revenue would have increased by 2% this quarter and year to date.

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Second Quarter 2026

Operating costs
The 1% increase in operating costs this quarter was a result of:
•increased licensing rights associated with changes to our bundled service offerings; partially offset by
•other efficiency and productivity initiatives.

Operating costs for the year to date were stable.

Adjusted EBITDA
The 1% increases in adjusted EBITDA this quarter and year to date were a result of the service revenue and expense changes discussed above. Excluding the impact of the sale of our customer-facing data centre business in 2025, Cable adjusted EBITDA would have increased by 2% this quarter and year to date.

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Second Quarter 2026

MEDIA

Media Financial Results
  Three months ended June 30Six months ended June 30
(In millions of dollars, except margins)20262025% Chg20262025% Chg
Revenue from external customers1,075 679 58 1,991 1,142 74 
Revenue from internal customers80 78 3 152 157 (3)
Revenue
1,155 757 53 2,143 1,299 65 
Operating costs
1,086 749 45 2,074 1,354 53 
Adjusted EBITDA69 8 n/m69 (55)n/m
Adjusted EBITDA margin6.0 %1.1 %4.9 pts3.2 %(4.2)%7.4 pts
Capital expenditures43 26 65 119 61 95 

Revenue
The 53% increase in revenue this quarter and 65% increase year to date were a result of:
•approximately $0.31 billion and $0.79 billion in revenue from the consolidation of MLSE beginning in the second half of 2025, respectively; and
•excluding the consolidation of MLSE, organic growth of 13% and 6%, respectively, substantially reflects higher Toronto Blue Jays revenue, primarily driven by higher game day attendance and sponsorships. Higher subscriber revenue from the Warner Bros. Discovery suite of channels substantially offset lower advertising revenue, primarily as a result of lower participation by Canadian teams in the NHL playoffs and ongoing softness in media advertising.

Operating costs
The $337 million (45%) increase in operating costs this quarter and $720 million (53%) increase year to date were a result of:
•approximately $0.23 billion and $0.64 billion of increased costs from the consolidation of MLSE; and
•the combined effect of higher player salaries and other game day costs at the Toronto Blue Jays and higher programming costs.

Adjusted EBITDA
The increases in adjusted EBITDA this quarter and year to date were a result of the revenue and expense changes discussed above.

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Second Quarter 2026

CAPITAL EXPENDITURES
  Three months ended June 30Six months ended June 30
(In millions of dollars, except capital intensity)20262025% Chg20262025% Chg
Wireless188 365 (48)467 772 (40)
Cable367 404 (9)775 850 (9)
Media43 26 65 119 61 95 
Corporate97 36 169 142 126 13 
Capital expenditures 1
695 831 (16)1,503 1,809 (17)
Capital intensity 2
12.4 %15.9 %(3.5 pts)13.5 %17.7 %(4.2 pts)
1    Includes additions to property, plant and equipment net of proceeds on disposition and accrued government grants, but does not include expenditures for spectrum licences, additions to right-of-use assets, or assets acquired through business combinations.
2    Capital intensity is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" for an explanation as to the composition of this measure.

We continue to (i) expand the reach and capacity of our 5G network across the country and (ii) invest in fibre deployments, including fibre-to-the-home (FTTH), in our cable network as we expand our network footprint to reach more homes and businesses, including in rural, remote, and Indigenous communities. These investments are expected to strengthen network resilience and stability and help us bridge the digital divide by expanding our network further into rural and underserved areas through participation in various programs and projects.

In April 2026, we updated our 2026 capital expenditure guidance range (see "Financial Guidance") as a direct reflection of the ongoing impacts from heightened competitive intensity and recent regulatory decisions. Our strategic priorities remain unchanged and our current capital expenditure guidance range continues to support these priorities. We expect to achieve our guidance range through (i) ongoing investments progressing at a slower pace, (ii) the deferral and/or cancellation of certain projects, and (iii) lower capital costs for projects, most predominantly affecting Wireless and Cable.

Wireless
In addition to the above, the decreases in capital expenditures in Wireless this quarter and year to date were due to the impact of $90 million of proceeds received on the sale of certain network assets. We continued to expand and enhance our wireless network through investments in network development and 5G deployment. We are actively deploying advanced spectrum assets, including the ongoing rollout of 3500 MHz spectrum and 3800 MHz spectrum. These investments build on our existing 5G infrastructure in the 600 MHz spectrum band, enabling greater speed, lower latency, and improved reliability for customers across urban and rural areas.

Cable
In addition to the above, the decreases in capital expenditures in Cable this quarter and year to date were a result of customers increasingly choosing to self-install new products. This quarter, we also sold certain cable network assets for $46 million (2025 - $47 million), the proceeds from which reduced capital expenditures. We are growing our network through expanded fibre deployments to increase our FTTH distribution and to extend our service footprint. At the same time, we are enhancing our network by upgrading our DOCSIS 3.1 platform as we transition to DOCSIS 4.0 to improve network resilience, stability, and capacity while delivering faster speeds. As part of this upgrade, we are rolling out mid-split technology (which has a greater number of frequencies than older technology and also allocates a greater number of frequencies to uploading data) in Ontario and Eastern Canada, significantly increasing upload speeds. These advancements leverage the latest technologies to provide greater bandwidth, improved performance, and an enhanced customer experience as we advance our connected home roadmap.

Media
The increases in capital expenditures in Media this quarter and year to date primarily reflect the continued modernization of Rogers Centre and Scotiabank Arena.

Capital intensity
Capital intensity decreased this quarter and year to date as a result of the revenue growth and capital expenditure changes discussed above.

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Second Quarter 2026

Review of Consolidated Performance

This section discusses our consolidated net income and other income and expenses that do not form part of the segment discussions above.
  Three months ended June 30Six months ended June 30
(In millions of dollars)20262025% Chg20262025% Chg
Adjusted EBITDA2,442 2,362 3 4,806 4,616 4 
Deduct (add):
Depreciation and amortization1,194 1,184 1 2,415 2,350 3 
Restructuring, acquisition and other211 238 (11)260 365 (29)
Finance costs565 628 (10)1,008 1,207 (16)
Gain on disposition of assets
(30)— — (30)— — 
Other expense (income)1,019 (9)n/m1,015 (7)n/m
Income tax expense148 173 (14)321 273 18 
Net (loss) income(665)148 n/m(183)428 n/m

Depreciation and amortization
  Three months ended June 30Six months ended June 30
(In millions of dollars)20262025% Chg20262025% Chg
Depreciation of property, plant and equipment931 933 — 1,888 1,864 1 
Depreciation of right-of-use assets122 113 8 244 211 16 
Amortization141 138 2 283 275 3 
Total depreciation and amortization1,194 1,184 1 2,415 2,350 3 

Restructuring, acquisition and other
Three months ended June 30Six months ended June 30
(In millions of dollars)2026202520262025
Restructuring, acquisition and other excluding Shaw Transaction integration-related costs
207 213 245 303 
Shaw Transaction integration-related costs
4 25 15 62 
Total restructuring, acquisition and other211 238 260 365 

The restructuring, acquisition and other costs excluding Shaw Transaction integration-related costs in the second quarters of 2025 and 2026 primarily include severance and other departure-related costs associated with the targeted restructuring of our employee base, specifically including $120 million arising from a voluntary departure program in 2026. Year to date, we also incurred costs associated with certain litigation. In 2025, these costs also included costs related to the network transaction, an unfavourable regulatory decision related to retransmission of distant signals, and real estate rationalization programs.

The Shaw Transaction integration-related costs in 2025 and 2026 consisted of incremental costs supporting integration activities related to the Shaw Transaction.

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Second Quarter 2026

Finance costs
  Three months ended June 30Six months ended June 30
(In millions of dollars)20262025% Chg20262025% Chg
Interest on borrowings, net 1
502 488 3 984 999 (2)
Interest on lease liabilities41 36 14 80 72 11 
Interest on post-employment benefits
(1)(1)— (3)(3)— 
Loss (gain) on foreign exchange30 (75)n/m37 (86)n/m
Change in fair value of derivative instruments(23)59 n/m(35)72 n/m
Change in fair value of subsidiary equity derivative instruments 2
(16)93 n/m(121)93 n/m
Capitalized interest(8)(8)— (14)(17)(18)
Deferred transaction costs and other40 36 11 80 77 4 
Total finance costs565 628 (10)1,008 1,207 (16)
1    Interest on borrowings, net includes interest on short-term borrowings and on long-term debt.
2    Reflects the change in fair value of derivatives entered into related to the network transaction (see "Financial Risk Management" for more information). This amount is removed from the calculation of adjusted net income and adjusted net income attributable to RCI shareholders (see below).

Other expense
The other expense this quarter and year to date primarily reflects a $1,034 million non-cash loss to recognize the change in the fair value of the MLSE put liability from $3.3 billion to $4.35 billion as at June 30, 2026 (see "Update on sports and entertainment assets").

Income tax expense
  Three months ended June 30Six months ended June 30
(In millions of dollars, except tax rates)2026202520262025
Statutory income tax rate26.2 %26.2 %26.2 %26.2 %
(Loss) income before income tax expense(517)321 138 701 
Computed income tax (recovery) expense(135)84 36 184 
Increase (decrease) in income tax expense resulting from:
Non-(taxable) deductible stock-based compensation(7)1 (4)(1)
Non-(taxable) deductible portion of equity (income) losses(1)1 (3)1 
Non-deductible loss on revaluation of MLSE put liability274 — 274 — 
Non-(taxable) deductible portion of capital (gains) losses(10)44 (10)44 
Unrealized capital losses for which no deferred tax asset is recognized19 45 19 45 
Other items8 (2)9 — 
Total income tax expense148 173 321 273 
Effective income tax rate(28.6)%53.9 %232.6 %38.9 %
Cash income taxes paid166 126 366 314 

Cash income taxes paid increased this quarter and year to date due to timing of installments.

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Second Quarter 2026

Net (loss) income
  Three months ended June 30Six months ended June 30
(In millions of dollars, except per share amounts)20262025% Chg20262025% Chg
Net (loss) income(665)148 n/m(183)428 n/m
Net (loss) income attributable to RCI shareholders(726)157 n/m(288)437 n/m
Basic (loss) earnings per share attributable to RCI shareholders($1.34)$0.29 n/m($0.53)$0.81 n/m
Diluted (loss) earnings per share attributable to RCI shareholders($1.37)$0.29 n/m($0.55)$0.79 n/m

Adjusted net income
We calculate adjusted net income from adjusted EBITDA as follows:
  Three months ended June 30Six months ended June 30
(In millions of dollars, except per share amounts)20262025% Chg20262025% Chg
Adjusted EBITDA2,442 2,362 3 4,806 4,616 4 
Deduct (add):
Depreciation and amortization 1
1,022 972 5 2,062 1,909 8 
Finance costs 2
581 535 9 1,129 1,114 1 
Other income 3
(15)(9)67 (19)(7)171 
Income tax expense 4
221 232 (5)451 425 6 
Adjusted net income
633 632 — 1,183 1,175 1 
Adjusted net income attributable to RCI shareholders
640 620 3 1,190 1,163 2 
Adjusted earnings per share attributable to RCI shareholders:
Basic
$1.19 $1.15 3 $2.20 $2.16 2 
Diluted
$1.15 $1.14 1 $2.17 $2.14 1 
1    Depreciation and amortization excludes depreciation and amortization on the fair value increment recognized on acquisition of Shaw Transaction-related property, plant and equipment and intangible assets for the three and six months ended June 30, 2026 of $172 million and $353 million (2025 - $212 million and $441 million). Adjusted net income includes depreciation and amortization on the acquired Shaw property, plant and equipment and intangible assets based on Shaw's historical cost and depreciation policies.
2    Finance costs exclude the $16 million and $121 million (2025 - $93 million and $93 million) change in fair value of subsidiary equity derivative instruments for the three and six months ended June 30, 2026.
3    Other income excludes a $1,034 million non-cash loss on revaluation of the MLSE put liability (see "Update on sports and entertainment assets" for more information).
4    Income tax expense excludes recoveries of $73 million and $130 million (2025 - recoveries of $59 million and $152 million), respectively, for the three and six months ended June 30, 2026 related to the income tax impact for adjusted items.

Rogers Communications Inc.
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Second Quarter 2026

Managing our Liquidity and Financial Resources

Operating, investing, and financing activities
  Three months ended June 30Six months ended June 30
(In millions of dollars)2026202520262025
Cash provided by operating activities before changes in net operating assets and liabilities, income taxes paid, and interest paid2,299 2,145 4,705 4,307 
Change in net operating assets and liabilities(160)(28)(319)(111)
Income taxes paid(166)(126)(366)(314)
Interest paid, net(456)(395)(1,008)(990)
Cash provided by operating activities1,517 1,596 3,012 2,892 
Investing activities:
Capital expenditures(695)(831)(1,503)(1,809)
Additions to program rights and other intangible assets
(43)(24)(141)(48)
Changes in non-cash working capital related to investing activities
(83)(68)(195)(56)
Acquisitions and other strategic transactions, net of cash acquired— — (85)— 
Other(6)7 (9)8 
Cash used in investing activities(827)(916)(1,933)(1,905)
Financing activities:
Net proceeds received from (repayment of) short-term borrowings161 (483)(1,791)(1,336)
Net issuance (repayment) of long-term debt— (2,178)2,169 424 
Net proceeds (payments) on settlement of debt derivatives and subsidiary equity derivatives20 (6)26 77 
Transaction costs incurred(2)(61)(29)(99)
Principal payments of lease liabilities (141)(134)(297)(267)
Dividends paid to RCI shareholders
(270)(188)(540)(373)
Distributions paid by subsidiaries to non-controlling interests(117)— (233)— 
Issuance of subsidiary shares to non-controlling interest— 6,656 — 6,656 
Other(1)(3)(2)(4)
Cash (used in) provided by financing activities(350)3,603 (697)5,078 
Change in cash and cash equivalents
340 4,283 382 6,065 
Cash and cash equivalents, beginning of period1,386 2,680 1,344 898 
Cash and cash equivalents, end of period1,726 6,963 1,726 6,963 

Operating activities
This quarter and year to date, cash provided by operating activities decreased primarily as a result of a higher net investment in net operating assets and liabilities partially offset by higher adjusted EBITDA.

Investing activities
Capital expenditures
During the quarter and year to date, we incurred $695 million and $1,503 million (2025 - $831 million and $1,809 million) on capital expenditures before changes in non-cash working capital items. See "Capital Expenditures" for more information.

Financing activities
During the quarter and year to date, we received net amounts of $179 million and $375 million (2025 - paid net amounts of $2,728 million and $934 million) on our short-term borrowings, long-term debt, and related derivatives, including
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Second Quarter 2026

transaction costs. See "Financial Risk Management" for more information on the cash flows relating to our derivative instruments.

Short-term borrowings
Our short-term borrowings consist of amounts outstanding under our receivables securitization program, our US dollar-denominated commercial paper (US CP) program, and our non-revolving credit facilities. Below is a summary of our short-term borrowings as at June 30, 2026 and December 31, 2025.
As at
June 30		As at
December 31
(In millions of dollars)20262025
Receivables securitization program1,600 2,000 
US commercial paper program (net of the discount on issuance)637 — 
Non-revolving credit facility borrowings (net of the discount on issuance)— 2,000 
Total short-term borrowings2,237 4,000 

The tables below summarize the activity relating to our short-term borrowings for the three and six months ended June 30, 2026 and 2025.
Three months ended June 30, 2026Six months ended
June 30, 2026
NotionalExchangeNotionalNotionalExchangeNotional
(In millions of dollars, except exchange rates)(US$)rate(Cdn$)(US$)rate(Cdn$)
Proceeds received from receivables securitization250 650 
Repayment of receivables securitization(250)(1,050)
Net repayment of receivables securitization— (400)
Proceeds received from US commercial paper1,235 1.379 1,703 2,089 1.377 2,876 
Repayment of US commercial paper(1,116)1.382 (1,542)(1,647)1.376 (2,267)
Net proceeds received from US commercial paper161 609 
Repayment of non-revolving credit facilities (Cdn$)— (2,000)
Total repayment of non-revolving credit facilities— (2,000)
Net proceeds received from (repayment of) short-term borrowings161 (1,791)
Three months ended
June 30, 2025		Six months ended
June 30, 2025
NotionalExchangeNotionalNotionalExchangeNotional
(In millions of dollars, except exchange rates)(US$)rate(Cdn$)(US$)rate(Cdn$)
Repayment of receivables securitization— (400)
Net repayment of receivables securitization— (400)
Proceeds received from US commercial paper— — — 299 1.435 429 
Repayment of US commercial paper— — — (616)1.430 (881)
Net repayment of US commercial paper— (452)
Proceeds received from non-revolving credit facilities (US$) 1
— — — 1,045 1.433 1,497 
Repayment of non-revolving credit facilities (US$) 1
(349)1.384 (483)(1,397)1.418 (1,981)
Net repayment of non-revolving credit facilities(483)(484)
Net repayment of short-term borrowings(483)(1,336)
1    Borrowings under our non-revolving facility matured and were reissued regularly, such that until repaid, we maintained net outstanding borrowings equivalent to the then-current credit limit on the reissue dates.

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Second Quarter 2026

Concurrent with our US CP issuances and US dollar-denominated non-revolving credit facility borrowings (in 2025), we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the borrowings. See "Financial Risk Management" for more information.

Long-term debt
Our long-term debt consists of amounts outstanding under our bank and letter of credit facilities and the senior notes, debentures, and subordinated notes we have issued. The tables below summarize the activity relating to our long-term debt for the three and six months ended June 30, 2026 and 2025.
Three months ended
 June 30, 2026		Six months ended
June 30, 2026
(In millions of dollars, except exchange rates)NotionalExchangeNotionalNotionalExchangeNotional
(US$)rate(Cdn$)(US$)rate(Cdn$)
Credit facility borrowings (Cdn$)50 50 
Credit facility repayments (Cdn$)(50)(165)
Net repayments under credit facilities— (115)
Subordinated note issuances (Cdn$)— 1,250 
Subordinated note issuances (US$)— — — 750 1.379 1,034 
Total issuances of subordinated notes— 2,284 
Net issuance of long-term debt— 2,169 
Three months ended
June 30, 2025		Six months ended
June 30, 2025
(In millions of dollars, except exchange rates)NotionalExchangeNotionalNotionalExchangeNotional
(US$)rate(Cdn$)(US$)rate(Cdn$)
Credit facility borrowings (Cdn$)34 62 
Total credit facility borrowings34 62 
Term loan facility net borrowings (US$) 1
— — — 1 n/m6 
Term loan facility net repayments (US$) 1
(697)1.380 (962)(697)1.380 (962)
Net repayments under term loan facility(962)(956)
Senior note repayments (Cdn$)(1,250)(1,250)
Senior note repayments (US$)— — — (1,000)1.439 (1,439)
Total senior notes repayments(1,250)(2,689)
Net repayment of senior notes(1,250)(2,689)
Subordinated note issuances (Cdn$)— 1,000 
Subordinated note issuances (US$)— — — 2,100 1.432 3,007 
Total issuances of subordinated notes— 4,007 
Net (repayment) issuance of long-term debt(2,178)424 
1    Borrowings under our term loan facility matured and were reissued regularly, such that until repaid, we maintained net outstanding borrowings equivalent to the then-current credit limit on the reissue dates.

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Second Quarter 2026

Three months ended June 30Six months ended June 30
(In millions of dollars)2026202520262025
Long-term debt, beginning of period39,547 44,452 37,058 41,896 
Net issuance (repayment) of long-term debt— (2,178)2,169 424 
Decrease (increase) in government grant liability related to Canada Infrastructure Bank facility1 (21)1 (38)
Loss (gain) on foreign exchange466 (1,384)781 (1,398)
Deferred transaction costs derecognized (incurred)2 (49)(24)(100)
Amortization of deferred transaction costs30 32 61 68 
Long-term debt, end of period
40,046 40,852 40,046 40,852 

In June 2025, we repaid the $1 billion outstanding under the April 2026 tranche of our $6 billion term loan and terminated the facility.

In 2025, in connection with the network transaction, we paid an aggregate of approximately $30 million to the consenting holders of our outstanding senior notes for their consent to certain clarifying amendments to the indentures governing those securities concurrently with the closing of the network transaction plus approximately $18 million of other directly attributable transaction costs. These costs are being amortized into finance costs over the remaining terms of the underlying notes using the effective interest method.

In July 2026, we amended the terms of our $4 billion revolving credit facility to, among other things, extend the maturity date of the $3 billion tranche to July 2031, from September 2030, and the $1 billion tranche to July 2029, from September 2028.

Issuance of subordinated notes and related debt derivatives
Below is a summary of the subordinated notes we issued during the six months ended June 30, 2026 and 2025.
(In millions of dollars, except interest rates and discounts)
Issue price per $1,000 principal amount
Total gross

proceeds 1 (Cdn$)
Transaction costs and
discounts 2 (Cdn$)
Date issued Principal amountDue dateInterest rate
2026 issuances
March 27, 2026 (subordinated) 3
US750 20566.875 %1,000.00 1,034 13 
March 27, 2026 (subordinated) 3
1,250 20566.250 %1,000.00 1,250 13 
2025 issuances
February 12, 2025 (subordinated) 3
US1,100 20557.000 %1,000.00 1,575 21 
February 12, 2025 (subordinated) 3
US1,000 20557.125 %1,000.00 1,432 19 
February 12, 2025 (subordinated) 3
1,000 20555.625 %999.83 1,000 11 
1    Gross proceeds before transaction costs, discounts, and premiums.
2    Transaction costs, discounts, and premiums are included as deferred transaction costs and discounts in the carrying value of the long-term debt, and recognized in net income using the effective interest method.
3    Deferred transaction costs and discounts (if any) in the carrying value of the subordinated notes are recognized in net income using the effective interest method. The subordinated notes due 2056 can be redeemed at par on July 31, 2031, or on any subsequent interest payment date. The three issuances of subordinated notes due 2055 can be redeemed at par on February 15, 2030, February 15, 2035, and February 15, 2030, respectively, or on any subsequent interest payment date.

2026
In March 2026, we issued two tranches of subordinated notes, consisting of:
•US$750 million due 2056 with an initial coupon of 6.875% for the first five years; and
•$1.25 billion due 2056 with an initial coupon of 6.250% for the first five years.

Concurrent with the US dollar-denominated issuances, we entered into debt derivatives to convert all interest and principal payment obligations to Canadian dollars. We received net proceeds of $2.3 billion from the issuance, and we used the proceeds to repay debt.

The US$750 million and the Cdn$1.25 billion notes can be redeemed at par on their five-year anniversary or on any subsequent interest payment date. The subordinated notes are unsecured and subordinated obligations of RCI. Payment on these notes will, under certain circumstances, be subordinated to the prior payment in full of all of our senior indebtedness, including our senior notes, debentures, and bank credit facilities.

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Second Quarter 2026

2025
In February 2025, we issued three tranches of subordinated notes, consisting of:
•US$1.1 billion due 2055 with an initial coupon of 7.00% for the first five years;
•US$1 billion due 2055 with an initial coupon of 7.125% for the first ten years; and
•$1 billion due 2055 with an initial coupon of 5.625% for the first five years.

Concurrent with these US dollar-denominated issuances, we entered into debt derivatives to convert all interest and principal payment obligations to Canadian dollars. We received net proceeds of $4.0 billion from the issuances.

The US$1.1 billion and the Cdn$1 billion notes can be redeemed at par on their five-year anniversary or on any subsequent interest payment date. The US$1 billion notes can be redeemed at par on their ten-year anniversary or on any subsequent interest payment date. The subordinated notes are unsecured and subordinated obligations of RCI. Payment on these notes will, under certain circumstances, be subordinated to the prior payment in full of all of our senior indebtedness, including our senior notes, debentures, and bank credit facilities.

Repayment of senior notes and related derivative settlements
In March 2025, we repaid the entire outstanding principal of our US$1 billion 2.95% senior notes and settled the associated debt derivatives at maturity. As a result, we repaid $1,344 million, including $95 million received on settlement of the associated debt derivatives.

In April 2025, we repaid the entire outstanding principal of our $1.25 billion 3.10% senior notes at maturity. There were no derivatives associated with these senior notes.

Consent solicitation
In 2025, in connection with the network transaction, we received the requisite consent from the holders of our outstanding senior notes for certain proposed clarifying amendments to the indentures governing those securities, and paid an aggregate of approximately $30 million to the consenting holders for their consents concurrently with the closing of the network transaction plus approximately $18 million of other directly attributable transaction costs. These costs are being amortized into finance costs over the remaining terms of the underlying notes using the effective interest method.

Dividends
Below is a summary of the dividends declared and paid on RCI's outstanding Class A Voting common shares (Class A Shares) and Class B Non-Voting common shares (Class B Non-Voting Shares) in 2026 and 2025. On July 21, 2026, the Board declared a quarterly dividend of $0.50 per Class A Share and Class B Non-Voting Share, to be paid on October 2, 2026, to shareholders of record on September 8, 2026.
Dividends paid (in millions of dollars)
Number of
Class B
Non-Voting
Shares issued
(in thousands) 1
Declaration dateRecord datePayment date
Dividend per
share (dollars)
In cash
In Class B
Non-Voting
Shares
Total
January 28, 2026March 10, 2026April 2, 20260.50 270 — 270 — 
April 21, 2026June 9, 2026July 6, 20260.50 270 — 270 — 
January 29, 2025March 10, 2025April 2, 20250.50 188 81 269 2,181 
April 22, 2025June 9, 2025July 3, 20250.50 270— 270 — 
July 22, 2025September 8, 2025October 3, 20250.50 270— 270 — 
October 22, 2025December 8, 2025January 2, 20260.50 270 — 270 — 
1    Class B Non-Voting Shares were issued as partial settlement of our quarterly dividend payable on the payment date under the terms of our dividend reinvestment plan.

Rogers Communications Inc.
18
Second Quarter 2026

Free cash flow
  Three months ended June 30Six months ended June 30
(In millions of dollars)20262025% Chg20262025% Chg
Adjusted EBITDA2,442 2,362 3 4,806 4,616 4 
Deduct (add):
Capital expenditures 1
695 831 (16)1,503 1,809 (17)
Interest on borrowings, net and capitalized interest494 480 3 970 982 (1)
Cash income taxes 2
166 126 32 366 314 17 
Distributions paid by subsidiaries to non-controlling interests117 — n/m233 — n/m
Net cash proceeds on subsidiary equity derivatives 3
(12)— n/m(24)— n/m
Free cash flow982 925 6 1,758 1,511 16 
1    Includes additions to property, plant and equipment net of proceeds on disposition and accrued government grants, but does not include expenditures for spectrum licences, additions to right-of-use assets, or assets acquired through business combinations.
2    Cash income taxes are net of refunds received.
3    Reflects the impact of the subsidiary equity derivatives, which we entered into to economically hedge the distributions to non-controlling interests. See "Financial Risk Management" for more information.

Free cash flow increased this quarter and year to date primarily as a result of lower capital expenditures and higher adjusted EBITDA, partially offset by distributions to non-controlling interests.

Rogers Communications Inc.
19
Second Quarter 2026

Overview of Financial Position
As atAs at
June 30December 31
(In millions of dollars)20262025$ Chg% ChgExplanation of significant changes
Assets
Current assets:
Cash and cash equivalents1,726 1,344 382 28 See "Managing our Liquidity and Financial Resources".
Accounts receivable5,728 6,105 (377)(6)Reflects business seasonality.
Inventories553 550 3 1 n/m
Current portion of contract assets153 151 2 1 n/m
Other current assets1,341 1,239 102 8 Primarily reflects an increase in prepaid expenses related to our annual Wireless spectrum licence renewal fees and certain program rights.
Current portion of derivative instruments303 99 204 n/mReflects the reclassification to current of our debt derivatives associated with our US$1.3 billion of senior notes due March 2027 and the change in market values of certain debt derivatives as a result of the depreciation of the Cdn$ relative to the US$.
Total current assets9,804 9,488 316 3 
Property, plant and equipment26,286 26,307 (21)— n/m
Intangible assets28,771 28,898 (127)— Primarily reflects amortization expense related to the intangible assets acquired in the Shaw Transaction and in the MLSE Transaction.
Investments1,292 1,291 1 — n/m
Derivative instruments960 746 214 29 Reflects the change in market values of certain debt derivatives as a result of the depreciation of the Cdn$ relative to the US$.
Financing receivables1,065 1,198 (133)(11)Reflects lower financing receivables as a result of business seasonality.
Other long-term assets2,093 2,052 41 2 n/m
Goodwill20,032 20,032 — — n/m
Total assets90,303 90,012 291 —  
Liabilities and equity
Current liabilities:
Short-term borrowings2,237 4,000 (1,763)(44)See "Managing our Liquidity and Financial Resources".
Accounts payable and accrued liabilities4,375 4,831 (456)(9)Reflects business seasonality.
Other current liabilities4,838 3,831 1,007 26 Primarily reflects a $1,034 million increase in the fair value of the MLSE put liability.
Contract liabilities952 1,114 (162)(15)Primarily reflects revenue recognized on customer service prepayments and subscriptions.
Current portion of long-term debt4,855 1,186 3,669 n/mReflects the reclassification to current of our $300 million, $1.5 billion, and US$1.3 billion of senior notes due March 2027.
Current portion of lease liabilities728 690 38 6 
n/m
Total current liabilities17,985 15,652 2,333 15  
Provisions56 55 1 2 n/m
Long-term debt35,191 35,872 (681)(2)Primarily reflects the reclassification to current of our $300 million, $1.5 billion, and US$1.3 billion of senior notes due March 2027, partially offset by the issuance of US$750 million and $1.25 billion of subordinated notes in March 2026.
Lease liabilities2,687 2,428 259 11 Reflects liabilities for new leases entered into.
Other long-term liabilities2,063 2,225 (162)(7)
Primarily reflects changes in market values of certain debt derivatives as a result of the depreciation of the Cdn$ relative to the US$.
Deferred tax liabilities9,471 9,494 (23)— n/m
Total liabilities67,453 65,726 1,727 3  
Equity
22,850 24,286 (1,436)(6)Primarily reflects changes in retained earnings and equity reserves.
Total liabilities and equity
90,303 90,012 291 —  

Rogers Communications Inc.
20
Second Quarter 2026

Financial Condition

Available liquidity
Below is a summary of our available liquidity from our cash and cash equivalents, bank credit facilities, letter of credit facilities, and short-term borrowings as at June 30, 2026 and December 31, 2025.
As at June 30, 2026Total sourcesDrawnLetters of credit
US CP program 1
Net available
(In millions of dollars)
Cash and cash equivalents1,726 — — — 1,726 
Bank credit facilities 2:
Revolving4,260 — 11 642 3,607 
Non-revolving300 300 — — — 
Outstanding letters of credit75 — 75 — — 
Receivables securitization 2
2,400 1,600 — — 800 
Total8,761 1,900 86 642 6,133 
1    The US CP program amounts are gross of the discount on issuance.
2    The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements. The US CP program amount represents our currently outstanding US CP borrowings that are backstopped by our revolving credit facility.

As at December 31, 2025Total sourcesDrawnLetters of creditNet available
(In millions of dollars)
Cash and cash equivalents1,344 — — 1,344 
Bank credit facilities 1:
Revolving4,260 115 10 4,135 
Non-revolving2,300 2,300 — — 
Outstanding letters of credit45 — 45 — 
Receivables securitization 1
2,400 2,000 — 400 
Total
10,349 4,415 55 5,879 
1    The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements.

Our $815 million Canada Infrastructure Bank credit agreement is not included in available liquidity as it can only be drawn upon for use in broadband projects under the Universal Broadband Fund, and therefore is not available for other general purposes. This quarter and year to date, we borrowed nil under this facility.

Weighted average cost of borrowings
Our weighted average cost of all borrowings was 4.92% as at June 30, 2026 (December 31, 2025 - 4.78%) and our weighted average term to maturity was 8.3 years (December 31, 2025 - 8.6 years). These figures reflect the expected repayment of our subordinated notes on their respective at-par redemption dates.

Rogers Communications Inc.
21
Second Quarter 2026

Adjusted net debt and debt leverage ratio
We use adjusted net debt and debt leverage ratio to conduct valuation-related analysis and to make capital structure-related decisions.
As at
June 30		As at
December 31
(In millions of dollars, except ratios)20262025
Current portion of long-term debt4,855 1,186 
Long-term debt35,191 35,872 
Deferred transaction costs and discounts758 795 
40,804 37,853 
Add (deduct):
Adjustment of US dollar-denominated debt to hedged rate
(2,122)(1,394)
Subordinated notes adjustment 1
(4,680)(3,456)
Short-term borrowings2,237 4,000 
Deferred government grant liability 2
78 79 
Current portion of lease liabilities728 690 
Lease liabilities2,687 2,428 
Cash and cash equivalents(1,726)(1,344)
Adjusted net debt 3
38,006 38,856 
Divided by: trailing 12-month adjusted EBITDA10,010 9,820 
Debt leverage ratio3.8 4.0 
Divided by: pro forma trailing 12-month adjusted EBITDA 3
n/a9,986 
Pro forma debt leverage ration/a3.9 
1    For the purposes of calculating adjusted net debt and debt leverage ratio, we believe adjusting 50% of the value of our subordinated notes is appropriate as this methodology factors in certain circumstances with respect to priority for payment and this approach is commonly used to evaluate debt leverage by rating agencies.
2    For the purposes of calculating adjusted net debt and debt leverage ratio, we have added the deferred government grant liability relating to our Canada Infrastructure Bank facility to reflect the inclusion of the cash drawings.
3    Adjusted net debt is a capital management measure. Pro forma trailing 12-month adjusted EBITDA is a non-GAAP financial measure and a component of pro forma debt leverage ratio. These are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other companies. See "Non-GAAP and Other Financial Measures" for more information about these measures.

As at December 31, 2025, trailing 12-month adjusted EBITDA reflects the combined results of Rogers including MLSE for the period since the MLSE Transaction closed in July to December 2025 and standalone Rogers results prior to July 2025. To illustrate the results of a combined Rogers and MLSE as if the MLSE Transaction had closed at the beginning of the trailing 12-month period, we have also disclosed a pro forma trailing 12-month adjusted EBITDA and pro forma debt leverage ratio as at December 31, 2025. Pro forma trailing 12-month adjusted EBITDA incorporates an amount representing MLSE's adjusted EBITDA, adjusted to conform to Rogers' accounting policies, for January to June 2025.

These pro forma metrics are presented for illustrative purposes only and do not purport to reflect what the combined company's actual operating results or financial condition would have been had the MLSE Transaction occurred on the date indicated, nor do they purport to project our future financial position or operating results and should not be taken as representative of our future financial position or consolidated operating results.

We intend to manage our debt leverage ratio primarily through combined operational synergies (cost savings and revenue enhancements to be achieved in the context of business acquisitions), organic growth in adjusted EBITDA, proceeds from asset sales and monetizations (including a sale of a minority interest in Rogers Sports), equity financing, and debt repayment, as applicable. Our free cash flow generation is expected to further strengthen our balance sheet over time through accelerated repayment of debt.

Rogers Communications Inc.
22
Second Quarter 2026

Credit ratings
Below is a summary of the credit ratings on RCI's outstanding senior and subordinated notes and debentures (long-term) and US CP (short-term) as at June 30, 2026.
IssuanceS&P Global Ratings ServicesMoody'sDBRS Morningstar
Senior unsecured debtBBB-Baa3BBB (low)
Subordinated debtBBBa1/Ba2
BB 1
US commercial paperA-3P-3
N/A 1
OutlookNegativeStablePositive
1    We have not sought a rating from DBRS Morningstar for our subordinated debt issued before March 31, 2022 or for our short-term obligations.

Outstanding common shares
As at
June 30		As at
December 31
  20262025
Common shares outstanding 1
Class A Voting Shares111,148,720 111,152,011 
Class B Non-Voting Shares429,076,558 429,073,267 
Total common shares540,225,278 540,225,278 
Options to purchase Class B Non-Voting Shares
Outstanding options11,894,102 11,766,094 
Outstanding options exercisable8,578,441 7,322,180 
1    Holders of Class B Non-Voting Shares are entitled to receive notice of and to attend shareholder meetings; however, they are not entitled to vote at these meetings except as required by law or stipulated by stock exchanges. If an offer is made to purchase outstanding Class A Shares, there is no requirement under applicable law or our constating documents that an offer be made for the outstanding Class B Non-Voting Shares, and there is no other protection available to shareholders under our constating documents. If an offer is made to purchase both classes of shares, the offer for the Class A Shares may be made on different terms than the offer to the holders of Class B Non-Voting Shares.

Rogers Communications Inc.
23
Second Quarter 2026

Financial Risk Management

This section should be read in conjunction with "Financial Risk Management" in our 2025 Annual MD&A. We use derivative instruments to manage financial risks related to our business activities. We only use derivatives to manage risk and not for speculative purposes. We also manage our exposure to both fixed and fluctuating interest rates and had fixed the interest rate on 94.6% of our outstanding debt, including short-term borrowings, as at June 30, 2026 (December 31, 2025 - 89.1%).

Debt derivatives
We use cross-currency interest rate exchange agreements, forward cross-currency interest rate exchange agreements, and foreign currency forward contracts (collectively, debt derivatives) to manage risks from fluctuations in foreign exchange rates and interest rates associated with our US dollar-denominated senior notes, debentures, subordinated notes, lease liabilities, credit facility borrowings, and US CP borrowings. We typically designate the debt derivatives related to our senior notes, debentures, subordinated notes, and lease liabilities as hedges for accounting purposes against the foreign exchange risk or interest rate risk associated with specific issued and forecast debt instruments. Debt derivatives related to our credit facility and US CP borrowings, with the exception of the interest rate swaps acquired in the MLSE Transaction, have not been designated as hedges for accounting purposes.

Credit facilities and US CP
Below is a summary of the debt derivatives we entered into and settled related to our credit facility borrowings and US CP program during the three and six months ended June 30, 2026 and 2025.
Three months ended June 30, 2026Six months ended
June 30, 2026
(In millions of dollars, except exchange rates)
Notional
 (US$)
Exchange rate
Notional
(Cdn$)
Notional
(US$)
Exchange
rate
Notional
(Cdn$)
US commercial paper program
Debt derivatives entered1,235 1.379 1,703 2,089 1.377 2,876 
Debt derivatives settled1,111 1.382 1,535 1,639 1.377 2,257 
Net cash received on settlement10 3 
Three months ended June 30, 2025Six months ended
June 30, 2025
(In millions of dollars, except exchange rates)
Notional
 (US$)
Exchange rateNotional
(Cdn$)
Notional
(US$)
Exchange
rate
Notional
(Cdn$)
Credit facilities
Debt derivatives entered1,006 1.391 1,399 4,148 1.423 5,902 
Debt derivatives settled2,052 1.386 2,845 5,196 1.413 7,342 
Net cash paid on settlement(51)(68)
US commercial paper program
Debt derivatives entered— — — 299 1.435 429 
Debt derivatives settled— — — 613 1.431 877 
Net cash received on settlement— 2 

As at June 30, 2026, we had US$450 million notional amount of debt derivatives outstanding relating to our US CP program (December 31, 2025 - nil), at an average rate of $1.385/US$ (December 31, 2025 - nil/US$).

Rogers Communications Inc.
24
Second Quarter 2026

Subordinated notes
Below is a summary of the debt derivatives we entered into related to subordinated notes during the six months ended June 30, 2026 and 2025.
(In millions of dollars, except interest rates)
US$Hedging effect
Effective datePrincipal/Notional amount (US$)Maturity dateCoupon rate
Fixed hedged (Cdn$) interest rate 1
Equivalent (Cdn$)
2026 issuances
March 27, 2026750 20566.875 %6.193 %1,034 
2025 issuances
February 12, 20251,100 20557.000 %5.440 %1,575 
February 12, 20251,00020557.125 %5.862 %1,432 
1    Converting from a fixed US$ coupon rate to a weighted average Cdn$ fixed rate.

As at June 30, 2026, we had US$16,661 million (December 31, 2025 - US$15,911 million) in US dollar-denominated senior notes, debentures, and subordinated notes, of which all of the associated foreign exchange risk had been hedged using debt derivatives, at an average rate of $1.291/US$ (December 31, 2025 - $1.287/US$).

In March 2025, we repaid the entire outstanding principal amount of our US$1 billion 2.95% senior notes and settled the associated debt derivatives at maturity, resulting in $95 million received on settlement of the associated debt derivatives.

Lease liabilities
Below is a summary of the debt derivatives we entered into and settled related to our outstanding lease liabilities for the three and six months ended June 30, 2026 and 2025.
Three months ended June 30, 2026Six months ended June 30, 2026
(In millions of dollars, except exchange rates)
Notional
(US$)
Exchange rateNotional
(Cdn$)
Notional
(US$)
Exchange
rate
Notional
(Cdn$)
Debt derivatives entered54 1.407 76 91 1.396 127 
Debt derivatives settled66 1.348 89 132 1.356 179 
Net cash paid on settlement(2)(1)
Three months ended June 30, 2025Six months ended June 30, 2025
(In millions of dollars, except exchange rates)
Notional
(US$)
Exchange rateNotional
(Cdn$)
Notional
(US$)
Exchange
rate
Notional
(Cdn$)
Debt derivatives entered55 1.400 77 114 1.395 159 
Debt derivatives settled61 1.344 82 120 1.350 162 
Net cash received on settlement2 5 

As at June 30, 2026, we had US$369 million notional amount of debt derivatives outstanding relating to our outstanding lease liabilities (December 31, 2025 - US$410 million) with terms to maturity ranging from July 2026 to June 2029 (December 31, 2025 - January 2026 to December 2028) at an average rate of $1.373/US$ (December 31, 2025 - $1.365/US$).

See "Mark-to-market value" for more information about our debt derivatives.

Expenditure derivatives
We use foreign currency forward contracts and option contracts (expenditure derivatives) to manage the foreign exchange risk in our operations, designating them as hedges for accounting purposes for certain of our forecast operational and capital expenditures. In 2025, as a result of the MLSE Transaction, we acquired expenditure derivatives and other foreign exchange options that had previously been entered into by MLSE. The other foreign exchange options are effective economic hedges against future US dollar-denominated expenditures; however, they cannot be designated as hedges for accounting purposes. Changes in their fair values are recognized in "change in fair value of derivative instruments" in "finance costs".

Rogers Communications Inc.
25
Second Quarter 2026

The following table provides further details on our outstanding foreign currency forward contracts and options as at June 30, 2026 and December 31, 2025.
As at June 30As at December 31
(in millions of dollars)20262025
Type of hedgeAmount to receive (US$)Amount to pay (Cdn$)Amount to receive (US$)Amount to pay (Cdn$)MaturityHedged item
Cash flow836 1,142 1,429 1,955 2026Anticipated purchases
Cash flow1,129 1,524 609 826 2027Anticipated purchases
Cash flow130 175 40 54 2028Anticipated purchases
Cash flow25 34 — — 2029Anticipated purchases
Cash flow292 380 305 397 2026-2039Future Toronto Blue Jays player compensation
Economic— — 216 285 2026Anticipated purchases
Economic100 137 420 565 2027Anticipated purchases
Economic85 117 205 275 2028Anticipated purchases
Economic45 61 45 61 2029Anticipated purchases

See "Mark-to-market value" for more information about our expenditure derivatives.

Equity derivatives
We use total return swaps (equity derivatives) to hedge the market price appreciation risk of the Class B Non-Voting Shares granted under our stock-based compensation programs. The equity derivatives have not been designated as hedges for accounting purposes.

As at June 30, 2026, we had equity derivatives outstanding for 6.5 million (December 31, 2025 - 5.5 million) Class B Non-Voting Shares with a weighted average price of $48.20 (December 31, 2025 - $46.81).

In March 2026, we entered into 1 million equity derivatives with a weighted average price of $55.23.

In April 2026, we reset the pricing on 0.2 million existing equity derivatives, resulting in net proceeds of $0.6 million. We also executed extension agreements on all equity derivative contracts under substantially the same commitment terms and conditions with revised expiry dates to April 2027 (from April 2026). The weighted average cost was adjusted to $48.20 per share.

See "Mark-to-market value" for more information about our equity derivatives.

Subsidiary equity derivatives
We have entered into cross-currency interest rate exchange agreements to manage the foreign exchange risk of our subsidiary equity investment (subsidiary equity derivatives). The subsidiary equity derivatives economically hedge our US dollar-denominated exposures arising from the subsidiary equity investment but cannot be designated as hedges for accounting purposes. These subsidiary equity derivatives convert an 8% US dollar-denominated cash flow into a Cdn$ rate of 7.16% until maturity on a quarterly basis.

See "Mark-to-market value" for more information about our subsidiary equity derivatives.

Cash settlements on debt derivatives and subsidiary equity derivatives
Below is a summary of the net proceeds (payments) on settlement of debt derivatives and subsidiary equity derivatives during the three and six months ended June 30, 2026 and 2025.
Three months ended June 30Six months ended June 30
(In millions of dollars)
2026202520262025
Credit facilities— (51)— (68)
US commercial paper program10 — 3 2 
Senior and subordinated notes— — — 95 
Lease liabilities
(2)2 (1)5 
Subsidiary equity derivatives 12 43 24 43 
Net proceeds (payments) on settlement of debt derivatives and subsidiary equity derivatives20 (6)26 77 

Rogers Communications Inc.
26
Second Quarter 2026

Mark-to-market value
We record our derivatives using an estimated credit-adjusted, mark-to-market valuation, calculated in accordance with IFRS.
  As at June 30, 2026
(In millions of dollars, except exchange rates)
Notional
amount
(US$)
Exchange
rate
Notional
amount
(Cdn$)
Fair value 
(Cdn$) 
Debt derivatives accounted for as cash flow hedges:
As assets12,160 1.2826 15,596 1,068 
As liabilities4,871 1.3170 6,415 (545)
MLSE interest rate swap— — 300 (5)
Debt derivatives not accounted for as hedges:
As assets449 1.3853 622 15 
Net mark-to-market debt derivative asset   533 
Expenditure derivatives accounted for as cash flow hedges:
As assets2,412 1.3495 3,255 98 
Expenditure derivatives not accounted for as hedges:
As liabilities230 1.3696 315 (4)
Net mark-to-market expenditure derivative asset94 
Equity derivatives not accounted for as hedges:
As assets— — 81 22 
As liabilities— — 232 (36)
Net mark-to-market equity derivative liability(14)
Subsidiary equity derivatives not accounted for as hedges:
As assets4,850 1.3843 6,714 60 
Net mark-to-market subsidiary equity derivative asset60 
Virtual power purchase agreement not accounted for as a hedge:
As liabilities— — — (5)
Net mark-to-market virtual power purchase agreement liability(5)
Net mark-to-market asset   668 
Rogers Communications Inc.
27
Second Quarter 2026

 As at December 31, 2025
(In millions of dollars, except exchange rates)
Notional
amount
(US$)
Exchange
rate
Notional
amount
(Cdn$)
Fair value 
(Cdn$) 
Debt derivatives accounted for as cash flow hedges:
As assets8,559 1.2373 10,590 787 
As liabilities7,763 1.3449 10,440 (645)
MLSE interest rate swap300 (7)
Net mark-to-market debt derivative asset   135 
Expenditure derivatives accounted for as cash flow hedges:
As assets1,122 1.3275 1,489 20 
As liabilities1,261 1.3816 1,742 (28)
Expenditure derivatives not accounted for as hedges:
As liabilities886 1.3386 1,186 (17)
Net mark-to-market expenditure derivative liability   (25)
Equity derivatives not accounted for as hedges:
As assets— — 173 37 
As liabilities— — 84 (9)
Net mark-to-market equity derivative asset28 
Subsidiary equity derivatives not accounted for as hedges:
As assets750 1.3827 1,037 1
As liabilities4,100 1.3846 5,677 (36)
Net mark-to-market subsidiary equity derivative liability(35)
Virtual power purchase agreement not accounted for as a hedge:
As liabilities— — — (6)
Net mark-to-market virtual power purchase agreement liability(6)
Net mark-to-market asset   97 

Commitments and Contractual Obligations

See our 2025 Annual MD&A for a summary of our obligations under firm contractual arrangements, including commitments for future payments under long-term debt arrangements and lease arrangements as at December 31, 2025. These are also discussed in notes 3, 19, and 32 of our 2025 Annual Audited Consolidated Financial Statements.

Except as otherwise disclosed in this MD&A, as at June 30, 2026, there have been no material changes to our material contractual obligations, as identified in our 2025 Annual MD&A, since December 31, 2025.

Regulatory Developments

See "Regulation in our Industry" in our 2025 Annual MD&A for a discussion of the significant regulations that affected our operations as at March 6, 2026. The following are the relevant developments since that date.

Prohibition of Fees
On March 12, 2026, the Canadian Radio‑television and Telecommunications Commission (CRTC) issued Telecom Regulatory Policy CRTC 2026‑43, Prohibition of fees that are a barrier to switching cellphone and Internet plans, regarding fees incurred as a result of activating or modifying telecommunications service plans. The policy amends both the Internet Code and the Wireless Code to add a new definition of "activation or modification fee", which amendments became effective on June 12, 2026. On June 30, 2026, the CRTC issued Notice of Consultation CRTC 2026-155, Show cause and call for comments – Compliance with the prohibition of fees that are a barrier to switching cellphone and Internet plans, requiring each of Rogers, Bell, and Telus Corporation to show cause why certain fees charged by those carriers that the CRTC believes may be in contravention of Telecom Regulatory Policy 2026-43 are not in violation of sections 24 and 27.04 of the Telecommunications Act and Telecom Regulatory Policy 2026-43. Submissions addressing the issues are due to the CRTC by July 30, 2026.

CRTC Codes of Conduct
On April 13, 2026, in Telecom Regulatory Policy CRTC 2026-67, Enhancing customer notifications, the CRTC amended the Wireless Code and the Internet Code to set out what information must be included in notices sent to customers before the end of their contract and to require notifications to customers before the end of a time-limited discount or promotion and
Rogers Communications Inc.
28
Second Quarter 2026

when their data usage reaches $50 when roaming internationally. The new requirements will come into effect on April 13, 2027.

Online Streaming Act
On May 21, 2026, the CRTC issued Broadcasting Regulatory Policies CRTC 2026-95 and 2026-96, which introduced (i) a new financial contribution requirement of 1.55% of annual Canadian broadcasting revenues to support a new Services of Exceptional Importance Fund (SEIF) applicable to all broadcasting ownership groups with annual revenues of at least $100 million and (ii) a new Canadian Programming Expenditures (CPE) framework. On June 3, 2026, the Government of Canada directed the CRTC to review its decision to regulate online streamers and Canadian broadcasters and stated it would be issuing new policy directions to the CRTC requiring it to adjust its implementation of the Online Streaming Act.

Updates to Risks and Uncertainties

See "Risk Management" and "Regulation in our Industry" in our 2025 Annual MD&A for a discussion of the principal risks and uncertainties that could have a material adverse effect on our business and financial results as at March 6, 2026, which should be reviewed in conjunction with this MD&A. The following updates and supplements those risks and uncertainties.

Monetization of sports, media, and entertainment assets
We intend to sell a minority interest in Rogers Sports after obtaining a 100% ownership interest in MLSE (see "Update on sports and entertainment assets"). While we believe there is a significant market for these assets, there is no guarantee we will be successful in selling a minority interest, whether at the expected investment amount, within the anticipated timing, or at all. Such a sale would also require approval from the various leagues governing our professional sports teams, which is not guaranteed. We may not proceed with, or complete, any sale of a minority interest in Rogers Sports, whether at the expected investment amount, within the anticipated timing, or at all, due to alternative opportunities or requirements, general economic and market conditions, or other internal or external considerations.

Sports franchises
After obtaining a 100% ownership interest in MLSE (see "Update on sports and entertainment assets"), our exposure to risks associated with owning and operating sports franchises will increase.

Material Accounting Policies and Estimates

See our 2025 Annual MD&A and our 2025 Annual Audited Consolidated Financial Statements and notes thereto for a discussion of the accounting policies and estimates that are critical to the understanding of our business operations and the results of our operations.

New accounting pronouncements adopted in 2026
We adopted the following IFRS amendments in 2026. They did not have a material effect on our consolidated financial statements.
•Amendments to IFRS 9, Financial Instruments and IFRS 7, Financial Instruments: Disclosures, clarifying both the classification of financial assets linked to environmental, social, and governance as well as the timing in which a financial asset or financial liability is derecognized when using electronic payment systems.

Recent accounting pronouncements not yet adopted
The IASB has not issued any new or amended accounting pronouncements in 2026.

The IASB has issued the following new standard that will become effective in future years:
•IFRS 18, Presentation and Disclosure in Financial Statements (replacing IAS 1, Presentation of Financial Statements), with an aim to improve the structure and content of the primary financial statements and comparability between issuers (January 1, 2027). The focus of IFRS 18 is on presentation in the statement of income by requiring income and expenses to be classified into operating, investing, and financing categories. The main business activities of a company drive classification of income and expense into appropriate categories and further disaggregation of operating expense line items will be required in the statement of income. It also introduces defined subtotals of "operating profit" and "profit before financing and income taxes" in the statement of income to improve comparability between companies. Impacts on the statement of cash flows include eliminating classification options for interest and dividend receipts (must be classified as investing) and payments (must be classified as financing). In addition, IFRS 18 provides guidance on the disclosure of "management-defined performance measures" in relation to the statement of income, including reconciliation requirements.

We are continuing to assess the impacts IFRS 18 will have on our consolidated financial statements. We expect our consolidated statements of income will be presented differently under IFRS 18 and there will be recategorizations of certain line items in the statements of income and statements of cash flows.

Rogers Communications Inc.
29
Second Quarter 2026

Transactions with related parties
We have entered into business transactions with Dream Unlimited Corp. (Dream), which is controlled by our Director Michael J. Cooper. Dream is a real estate company that rents spaces in office and residential buildings. Total amounts paid to this related party were nominal for the three and six months ended June 30, 2026 and 2025.

We have also entered into certain transactions with our controlling shareholder and companies it controls. These transactions are subject to formal agreements approved by the Audit and Risk Committee. Total amounts paid to these related parties were less than $1 million for the three and six months ended June 30, 2026 and 2025.

We have also entered into certain transactions with the Shaw Family Group. Total transactions with the Shaw Family Group during the three and six months ended June 30, 2026 and 2025 were less than $1 million.

In addition, we assumed a liability through the Shaw Transaction related to a legacy pension arrangement with one of our directors whereby the director will be paid $1 million per month until March 2035, $3 million and $6 million of which was paid during the three and six months ended June 30, 2026, respectively. The remaining liability of $79 million is included in "accounts payable and accrued liabilities" (for the amount to be paid within the next twelve months) or "other long-term liabilities".

We recognized these transactions at the amounts agreed to by the related parties, which were also approved by the Audit and Risk Committee. The amounts owing for these services were unsecured, interest-free, and generally due for payment in cash within one month of the date of the transaction.

Controls and procedures
In accordance with the provisions of National Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings, our Chief Executive Officer and Chief Financial Officer have limited the scope of their design of our disclosure controls and procedures and internal control over financial reporting to exclude the controls, policies, and procedures of MLSE, which we acquired on July 1, 2025. In our consolidated financial statements for the three and six months ended June 30, 2026, MLSE contributed approximately $0.31 billion and $0.79 billion, respectively, of consolidated revenue and net income of approximately $36 million and $14 million, respectively. Additionally, as at June 30, 2026, MLSE's current assets and current liabilities represented approximately 4% and 5% of our consolidated current assets and current liabilities, respectively, and MLSE's non-current assets and non-current liabilities represented approximately 3% and 1% of our consolidated non-current assets and non-current liabilities, respectively. The design of the disclosure controls and procedures and internal control over financial reporting of MLSE will be completed for the third quarter of 2026.

Seasonality
Our operating results generally vary from quarter to quarter as a result of changes in general economic conditions and seasonal fluctuations, among other things, in each of our reportable segments. This means our results in one quarter are not necessarily indicative of how we will perform in a future quarter. Wireless, Cable, and Media each have unique seasonal aspects to, and certain other historical trends in, their businesses. For specific discussions of the seasonal trends affecting our reportable segments, refer to our 2025 Annual MD&A.

Financial Guidance

On April 22, 2026, concurrently with the release of our first quarter 2026 results, we updated our consolidated guidance ranges for select full-year 2026 financial metrics that were originally provided on January 29, 2026 as a direct reflection of the ongoing impacts from heightened competitive intensity and recent regulatory decisions. This press release is available under Rogers' profile on SEDAR+ at sedarplus.ca and on EDGAR at sec.gov.

Key Performance Indicators

We measure the success of our strategy using a number of key performance indicators that are defined and discussed in our 2025 Annual MD&A and this MD&A. We believe these key performance indicators allow us to appropriately measure our performance against our operating strategy and against the results of our peers and competitors. The following key performance indicators, some of which are supplementary financial measures (see "Non-GAAP and Other Financial Measures"), are not measurements in accordance with IFRS. They include:
•subscriber counts;
•Wireless;
•Cable; and
•homes passed (Cable);
•Wireless subscriber churn (churn);
•Wireless mobile phone average revenue per user
(ARPU);
•Cable average revenue per account (ARPA);
•Cable customer relationships;
•Cable market penetration (penetration);
•capital intensity; and
•total service revenue.



Rogers Communications Inc.
30
Second Quarter 2026

Non-GAAP and Other Financial Measures

We use the following "non-GAAP financial measures" and other "specified financial measures" (each within the meaning of applicable Canadian securities law). These are reviewed regularly by management and the Board in assessing our performance and making decisions regarding the ongoing operations of our business and its ability to generate cash flows. Some or all of these measures may also be used by investors, lending institutions, and credit rating agencies as indicators of our operating performance, of our ability to incur and service debt, and as measurements to value companies in the telecommunications sector. These are not standardized measures under IFRS, so may not be reliable ways to compare us to other companies.

Non-GAAP financial measures
Specified financial measureHow it is usefulHow we calculate itMost directly
comparable
IFRS financial
measure
Adjusted net
income		● To assess the performance of our businesses before the effects of the noted items, because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply that they are non-recurring.Net (loss) income add (deduct) restructuring, acquisition and other; loss (recovery) on sale or wind down of investments; loss (gain) on disposition of property, plant and equipment; (gain) on acquisitions; loss on non-controlling interest purchase obligations; loss on repayment of long-term debt; loss on bond forward derivatives; change in fair value of subsidiary equity derivative instruments; depreciation and amortization on fair value increment of Shaw Transaction-related assets; and income tax adjustments on these items, including adjustments as a result of legislative or other tax rate changes.Net income (loss)
Adjusted net income attributable to RCI shareholders●To assess the performance of our businesses before the effects of the noted items, because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply that they are non-recurring.Net (loss) income attributable to RCI shareholders add (deduct) restructuring, acquisition and other; loss (recovery) on sale or wind down of investments; loss (gain) on disposition of property, plant and equipment; (gain) on acquisitions; loss on non-controlling interest purchase obligations; loss on repayment of long-term debt; loss on bond forward derivatives; change in fair value of subsidiary equity derivative instruments; depreciation and amortization on fair value increment of Shaw Transaction-related assets; revaluation of subsidiary US dollar-denominated balances; and income tax adjustments on these items, including adjustments as a result of legislative or other tax rate changes.Net income (loss) attributable to RCI shareholders
Pro forma trailing 12-month adjusted EBITDA●To illustrate the results of a combined Rogers and MLSE as if the MLSE Transaction had closed at the beginning of the applicable trailing 12-month period.
Trailing 12-month adjusted EBITDA
add
MLSE adjusted EBITDA - January to June 2025
Trailing 12-month adjusted EBITDA
Non-GAAP ratios
Specified financial measureHow it is usefulHow we calculate it
Adjusted basic
earnings per
share

Adjusted diluted
earnings per
share		●To assess the performance of our businesses before the effects of the noted items, because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply that they are non-recurring.
Adjusted net income attributable to RCI shareholders
divided by
basic weighted average shares outstanding.

Adjusted net income attributable to RCI shareholders including the dilutive effect of stock-based compensation
divided by
diluted weighted average shares outstanding.
Pro forma debt leverage ratio●
We believe this helps investors and analysts analyze our ability to service our debt obligations, with the results of a combined Rogers and MLSE as if the MLSE Transaction had closed at the beginning of the applicable trailing 12-month period.
Adjusted net debt
divided by
pro forma trailing 12-month adjusted EBITDA
Total of segments measures
Specified financial measureMost directly comparable IFRS financial measure
Adjusted EBITDA
Net income
Rogers Communications Inc.
31
Second Quarter 2026

Capital management measures
Specified financial measureHow it is useful
Free cash flow●To show how much cash we generate that is available to repay debt and reinvest in our company, which is an important indicator of our financial strength and performance.
●We believe that some investors and analysts use free cash flow to value a business and its underlying assets.
Adjusted net debt●We believe this helps investors and analysts analyze our debt and cash balances while taking into account the economic impact of debt derivatives on our US dollar-denominated debt.
Debt leverage ratio●We believe this helps investors and analysts analyze our ability to service our debt obligations.
Available liquidity●To help determine if we are able to meet all of our commitments, to execute our business plan, and to mitigate the risk of economic downturns.
Supplementary financial measures
Specified financial measureHow we calculate it
Adjusted EBITDA marginAdjusted EBITDA
divided by
revenue.
Wireless mobile phone average revenue per user (ARPU)Wireless service revenue
divided by
average total number of Wireless mobile phone subscribers for the relevant period.
Cable average revenue per account (ARPA)Cable service revenue
divided by
average total number of customer relationships for the relevant period.
Capital intensityCapital expenditures
divided by
revenue.

Reconciliation of adjusted EBITDA
  Three months ended June 30Six months ended June 30
(In millions of dollars)2026202520262025
Net (loss) income(665)148 (183)428 
Add (deduct):
Income tax expense148 173 321 273 
Finance costs565 628 1,008 1,207 
Depreciation and amortization1,194 1,184 2,415 2,350 
EBITDA1,242 2,133 3,561 4,258 
Add (deduct):
Other expense (income)1,019 (9)1,015 (7)
Restructuring, acquisition and other211 238 260 365 
Gain on disposition of assets
(30)— (30)— 
Adjusted EBITDA2,442 2,362 4,806 4,616 

Rogers Communications Inc.
32
Second Quarter 2026

Reconciliation of adjusted net income
  Three months ended June 30Six months ended June 30
(In millions of dollars)2026202520262025
Net (loss) income(665)148 (183)428 
Add (deduct):
Restructuring, acquisition and other211 238 260 365 
Change in fair value of subsidiary equity derivative instruments(16)93 (121)93 
Depreciation and amortization on fair value increment of Shaw Transaction-related assets172 212 353 441 
Loss on revaluation of MLSE put liability1,034 — 1,034 — 
Gain on disposition of assets(30)— (30)— 
Income tax impact of above items(73)(59)(130)(152)
Adjusted net income633 632 1,183 1,175 

Reconciliation of pro forma trailing 12-month adjusted EBITDA
  As at
December 31
(In millions of dollars)2025
Trailing 12-month adjusted EBITDA 9,820 
Add (deduct):
MLSE adjusted EBITDA - January to June 2025166 
Pro forma trailing 12-month adjusted EBITDA9,986 

Reconciliation of adjusted net income attributable to RCI shareholders
  Three months ended June 30Six months ended June 30
(In millions of dollars)2026202520262025
Net (loss) income attributable to RCI shareholders(726)157 (288)437 
Add (deduct):
Restructuring, acquisition and other211 238 260 365 
Change in fair value of subsidiary equity derivative instruments
(16)93 (121)93 
Depreciation and amortization on fair value increment of Shaw Transaction-related assets172 212 353 441 
Loss on revaluation of MLSE put liability1,034 — 1,034 — 
Gain on disposition of assets(30)— (30)— 
Revaluation of subsidiary US dollar-denominated balances 1
80 (21)131 (21)
Income tax impact of above items(85)(59)(149)(152)
Adjusted net income attributable to RCI shareholders
640 620 1,190 1,163 
1    Reflects RCI's share of the impacts of foreign exchange revaluation on US dollar-denominated intercompany balances in BNSI, our non-wholly owned subsidiary formed in connection with the network transaction. These impacts are eliminated on consolidation.

Rogers Communications Inc.
33
Second Quarter 2026

Reconciliation of free cash flow
  Three months ended June 30Six months ended June 30
(In millions of dollars)2026202520262025
Cash provided by operating activities1,517 1,596 3,012 2,892 
Add (deduct):
Capital expenditures(695)(831)(1,503)(1,809)
Interest on borrowings, net and capitalized interest(494)(480)(970)(982)
Interest paid456 395 1,008 990 
Restructuring, acquisition and other211 238 260 365 
Program rights amortization(33)(31)(86)(50)
Change in net operating assets and liabilities160 28 319 111 
Distributions paid by subsidiaries to non-controlling interests(117)— (233)— 
Net cash proceeds on subsidiary equity derivatives12 — 24 — 
Post-employment benefit contributions, net of expense(18)(19)(34)(36)
Cash flows relating to other operating activities(16)38 (37)35 
Other investment income(1)(9)(2)(5)
Free cash flow982 925 1,758 1,511 

Rogers Communications Inc.
34
Second Quarter 2026

Other Information

Consolidated financial results - quarterly summary
Below is a summary of our consolidated results for the past eight quarters.
 202620252024
(In millions of dollars, except per share amounts)Q2Q1Q4Q3Q2Q1Q4Q3
 
Revenue
Wireless2,540 2,591 2,970 2,661 2,540 2,544 2,981 2,620 
Cable1,984 1,948 1,984 1,981 1,968 1,935 1,983 1,970 
Media1,155 988 1,236 753 757 542 547 597 
Corporate items and intercompany eliminations(64)(45)(18)(47)(49)(45)(30)(58)
Total revenue5,615 5,482 6,172 5,348 5,216 4,976 5,481 5,129 
Total service revenue5,055 4,912 5,250 4,739 4,668 4,447 4,543 4,567 
 
Adjusted EBITDA
Wireless1,313 1,323 1,374 1,374 1,305 1,311 1,367 1,365 
Cable1,158 1,122 1,177 1,153 1,147 1,108 1,169 1,133 
Media69 — 221 75 8 (63)55 136 
Corporate items and intercompany eliminations(98)(81)(83)(87)(98)(102)(58)(89)
Adjusted EBITDA
2,442 2,364 2,689 2,515 2,362 2,254 2,533 2,545 
Deduct (add):
Depreciation and amortization1,194 1,221 1,222 1,230 1,184 1,166 1,174 1,157 
Restructuring, acquisition and other211 49 23 51 238 127 83 91 
Finance costs565 443 584 252 628 579 571 568 
Other expense (income)1,019 (4)(16)(4,998)(9)2 (11)2 
Gain on disposition of assets(30)— (69)— — — — — 
Net (loss) income before income tax(517)655 945 5,980 321 380 716 727 
Income tax expense148 173 235 212 173 100 158 201 
Net (loss) income(665)482 710 5,768 148 280 558 526 
Net (loss) income attributable to RCI shareholders(726)438 743 5,714 157 280 558 526 
(Loss) earnings per share attributable to RCI shareholders:
Basic($1.34)$0.81$1.38$10.58$0.29$0.52$1.04$0.99 
Diluted($1.37)$0.80$1.37$10.54$0.29$0.50$1.02$0.98 
 
Net (loss) income(665)482 710 5,768 148 280 558 526 
Add (deduct):
Restructuring, acquisition and other211 49 23 51 238 127 83 91 
Change in fair value of subsidiary equity derivative instruments(16)(105)32 (134)93 — — — 
Depreciation and amortization on fair value increment of Shaw Transaction-related assets172 181 178 210 212 229 228 227 
Gain on repayment of long-term debt— — — (151)— — — — 
Gain on revaluation of MLSE investment— — — (4,976)— — — — 
Loss on revaluation of MLSE put liability1,034 — — — — — — — 
Gain on disposition of assets(30)— (69)— — — — — 
Income tax impact of above items(73)(57)(55)(42)(59)(93)(75)(82)
Adjusted net income
633 550 819 726 632 543 794 762 
Adjusted net income attributable to RCI shareholders640 550 818 740 620 543 794 762 
Adjusted earnings per share attributable to RCI shareholders:
Basic$1.19$1.02$1.51$1.37$1.15$1.01$1.48$1.43 
Diluted$1.15$1.01$1.51$1.37$1.14$0.99$1.46$1.42 
 
Capital expenditures695 808 934 964 831 978 1,007 977 
Cash provided by operating activities1,517 1,495 1,652 1,515 1,596 1,296 1,135 1,893 
Free cash flow982 776 1,016 829 925 586 878 915 

Rogers Communications Inc.
35
Second Quarter 2026

Summary of financial information of long-term debt guarantor
Our outstanding senior notes and debentures, amounts drawn on our bank credit and letter of credit facilities, and derivatives are unsecured obligations of RCI, as obligor, and RCCI, as either co-obligor or guarantor, as applicable.

The selected unaudited consolidating summary financial information for RCI for the periods identified below, presented with a separate column for: (i) RCI, (ii) RCCI, (iii) our non-guarantor subsidiaries on a combined basis, (iv) consolidating adjustments, and (v) the total consolidated amounts, is set forth as follows:
Three months ended June 30
RCI 1,2
RCCI 1,2
    Non-guarantor    
     subsidiaries 1,2
    Consolidating    
     adjustments 1,2    
Total
(unaudited)
(In millions of dollars)		2026202520262025202620252026202520262025
Selected Statements of Income data measure:
Revenue394 — 4,357 4,335 1,747 991 (883)(109)5,615 5,217 
Net income (loss)
(666)149 48 (84)381 373 (428)(290)(665)148 
Net income (loss) attributable to RCI shareholders(666)149 48 (84)320 382 (428)(290)(726)157 
Six months ended June 30
RCI 1,2
RCCI 1,2
    Non-guarantor    
     subsidiaries 1,2
    Consolidating    
     adjustments 1,2    
Total
(unaudited)
(In millions of dollars)		2026202520262025202620252026202520262025
Selected Statements of Income data measure:
Revenue783 — 8,712 8,632 3,357 1,778 (1,755)(218)11,097 10,192 
Net income (loss)(184)429 731 549 318 9 (1,048)(559)(183)428 
Net income (loss) attributable to RCI shareholders(184)429 731 549 213 18 (1,048)(559)(288)437 
As at period end
RCI 1,2
RCCI 1,2
    Non-guarantor    
     subsidiaries 1,2
    Consolidating    
     adjustments 1,2    
Total
(unaudited)
(In millions of dollars)		Jun. 30
2026		Dec. 31
2025		Jun. 30
2026		Dec. 31
2025		Jun. 30
2026		Dec. 31
2025		Jun. 30
2026		Dec. 31
2025		Jun. 30
2026		Dec. 31
2025
Selected Statements of
Financial Position data measure:
Current assets53,329 52,780 58,945 59,158 12,456 12,524 (114,926)(114,974)9,804 9,488 
Non-current assets77,127 76,883 50,033 50,107 31,289 30,885 (77,950)(77,351)80,499 80,524 
Current liabilities59,441 57,303 55,774 56,800 14,296 9,780 (111,526)(108,231)17,985 15,652 
Non-current liabilities47,314 47,551 8,858 8,724 7,521 7,368 (14,225)(13,569)49,468 50,074 
1    For the purposes of this table, investments in subsidiary companies are accounted for by the equity method.
2    Amounts recorded in current liabilities and non-current liabilities for RCCI do not include any obligations arising as a result of being a guarantor or co-obligor, as the case may be, under any of RCI's long-term debt.

Rogers Communications Inc.
36
Second Quarter 2026

About Forward-Looking Information

This MD&A includes "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information"), and assumptions about, among other things, our business, operations, and financial performance and condition approved by our management on the date of this MD&A. This forward-looking information and these assumptions include, but are not limited to, statements about our objectives and strategies to achieve those objectives, and about our beliefs, plans, expectations, anticipations, estimates, or intentions.

Forward-looking information
•typically includes words like could, expect, may, anticipate, assume, believe, intend, estimate, plan, project, guidance, outlook, target, and similar expressions;
•includes conclusions, forecasts, and projections that are based on our current objectives and strategies and on estimates, expectations, assumptions, and other factors that we believe to have been reasonable at the time they were applied but may prove to be incorrect; and
•was approved by our management on the date of this MD&A.

Our forward-looking information in this MD&A includes forecasts and projections related to the following items, among others:
•revenue;
•total service revenue;
•adjusted EBITDA;
•capital expenditures;
•cash income tax payments;
•free cash flow (including its application to strengthen our balance sheet through accelerated debt repayment);
•dividend payments;
•the growth of new products and services;
•expected growth in subscribers and the services to which they subscribe;
•the cost of acquiring and retaining subscribers and deployment of new services;
•continued cost reductions and efficiency improvements;
•our debt leverage ratio and how we intend to manage that ratio;
•the completion and funding of the MLSE minority interest acquisition, including its timing, and the sale of a minority interest in Rogers Sports to third-party investors, including the timing, size, and proceeds therefrom; and
•all other statements that are not historical facts.

Our conclusions, forecasts, and projections in this MD&A are based on a number of estimates, expectations, assumptions, and other factors, including, among others:
•general economic and industry conditions, including the effects of inflation;
•currency exchange rates and interest rates;
•product pricing levels and competitive intensity;
•subscriber growth;
•pricing, usage, and churn rates;
•changes in government regulation;
•technology and network deployment;
•availability of devices;
•timing of new product launches;
•content and equipment costs;
•the integration of acquisitions; and
•industry structure and stability.

Except as otherwise indicated, this MD&A and our forward-looking information do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetization events, mergers, acquisitions, other business combinations, or other transactions that may be considered or announced or may occur after the date on which the statement containing the forward-looking information is made.

Risks and uncertainties
Actual events and results may differ materially from what is expressed or implied by forward-looking information in this MD&A as a result of risks, uncertainties, and other factors, many of which are beyond our control or our current expectations or knowledge, including, but not limited to:
•regulatory changes;
•technological changes;
•economic, geopolitical, and other conditions affecting commercial activity and the costs of goods and services, including the potential application or modification of tariffs, trade wars, recessions, or reduced immigration levels;
•unanticipated changes in content or equipment costs;
•changing conditions in the sports, media, entertainment, information, and communications industries;
•performance of our sports teams, including uncertainty as to their participation or success in their respective postseasons;
•sports-related work stoppages or cancellations and labour disputes;
•the integration of acquisitions;
•litigation and tax matters;
•the level of competitive intensity;
•the emergence of new opportunities;
•external threats, such as epidemics, pandemics, and other public health crises, natural disasters, the effects of climate change, or cyberattacks, among others;
Rogers Communications Inc.
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Second Quarter 2026

•the MLSE minority interest acquisition is subject to closing conditions and termination rights and may not be completed on the anticipated terms, in the anticipated timeline, or at all;
•the anticipated benefits of the MLSE minority interest acquisition may not be realized;
•we may be unable to proceed with, or complete, the sale of a minority interest in Rogers Sports, within the anticipated timing or at all, due to alternative opportunities or requirements, general economic and market conditions, or other internal or external considerations;
•if completed, the sale of a minority interest in Rogers Sports may not be at the expected valuation or may not raise the anticipated proceeds;
•we may fund all or a portion of the MLSE minority interest acquisition through alternate sources;
•new interpretations or accounting standards, or changes to existing interpretations and accounting standards, from accounting standards bodies;
•changes to the methodology, criteria, or conclusions used by rating agencies in assessing or assigning equity treatment or equity credit on our subordinated notes or for the network transaction; and
•the other risks outlined in "Risks and Uncertainties Affecting our Business" in our 2025 Annual MD&A and "Updates to Risks and Uncertainties" in this MD&A.

These risks, uncertainties, and other factors can also affect our objectives, strategies, plans, and intentions. Should one or more of these risks, uncertainties, or other factors materialize, our objectives, strategies, plans, or intentions change, or any other factors or assumptions underlying the forward-looking information prove incorrect, our actual results and our plans could vary materially from what we currently foresee.

Accordingly, we warn investors to exercise caution when considering statements containing forward-looking information and caution them that it would be unreasonable to rely on such statements as creating legal rights regarding our future results or plans. We are under no obligation (and we expressly disclaim any such obligation) to update or alter any statements containing forward-looking information or the factors or assumptions underlying them, whether as a result of new information, future events, or otherwise, except as required by law. All of the forward-looking information in this MD&A is qualified by the cautionary statements herein.

Before making an investment decision
Before making any investment decisions and for a detailed discussion of the risks, uncertainties, and environment associated with our business, its operations, and its financial performance and condition, fully review the sections of this MD&A entitled "Updates to Risks and Uncertainties" and "Regulatory Developments" and fully review the sections in our 2025 Annual MD&A entitled "Regulation in our Industry" and "Risk Management", as well as our various other filings with Canadian and US securities regulators, which can be found at sedarplus.ca and sec.gov, respectively. Information on or connected to sedarplus.ca, sec.gov, our website, or any other website referenced in this document is not part of or incorporated into this MD&A.

# # #
Rogers Communications Inc.
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Second Quarter 2026

Exhibit 99.2
rogerslogohires1a.jpg




Rogers Communications Inc.



INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
Three and six months ended June 30, 2026 and 2025

















Rogers Communications Inc.
1
Second Quarter 2026

Rogers Communications Inc.
Interim Condensed Consolidated Statements of Income
(In millions of Canadian dollars, except per share amounts, unaudited)
    Three months ended June 30Six months ended June 30
  Note2026202520262025
Revenue5 5,615 5,216 11,097 10,192 
Operating expenses:
Operating costs63,173 2,854 6,291 5,576 
Depreciation and amortization1,194 1,184 2,415 2,350 
Restructuring, acquisition and other7211 238 260 365 
Finance costs8565 628 1,008 1,207 
Gain on disposition of assets21(30)— (30)— 
Other expense (income)91,019 (9)1,015 (7)
(Loss) income before income tax expense(517)321 138 701 
Income tax expense 148 173 321 273 
Net (loss) income for the period (665)148 (183)428 
Net (loss) income for the period attributable to:
RCI shareholders(726)157 (288)437 
Non-controlling interest61 (9)105 (9)
(Loss) earnings per share attributable to RCI shareholders:
Basic10($1.34)$0.29($0.53)$0.81
Diluted10($1.37)$0.29($0.55)$0.79
The accompanying notes are an integral part of the interim condensed consolidated financial statements.

Rogers Communications Inc.
2
Second Quarter 2026

Rogers Communications Inc.
Interim Condensed Consolidated Statements of Comprehensive Income
(In millions of Canadian dollars, unaudited)
  Three months ended June 30Six months ended June 30
  2026202520262025
Net (loss) income for the period(665)148 (183)428 
Other comprehensive (loss) income:
Items that will not be reclassified to income:
Defined benefit pension plans:
Remeasurements— 67 — 67 
Related income tax expense— (18)— (18)
Defined benefit pension plans— 49 — 49 
Equity investments measured at fair value through other comprehensive income (FVTOCI):
Increase (decrease) in fair value1 (3)12 (24)
Related income tax recovery (expense)— 1 (1)2 
Equity investments measured at FVTOCI1 (2)11 (22)
Items that will not be reclassified to income1 47 11 27 
Items that may subsequently be reclassified to income:
Cash flow hedging derivative instruments:
Unrealized gain (loss) in fair value of derivative instruments79 (895)508 (622)
Reclassification to net income of (gain) loss on debt derivatives(467)1,371 (775)1,379 
Reclassification to net income or property, plant and equipment of (gain) loss on expenditure derivatives— (9)(2)(38)
Reclassification to net income for accrued interest(24)(25)(44)(58)
Related income tax (expense) recovery(8)135 (61)67 
Cash flow hedging derivative instruments(420)577 (374)728 
Items that may subsequently be reclassified to income(420)577 (374)728 
Other comprehensive (loss) income for the period(419)624 (363)755 
Comprehensive (loss) income for the period(1,084)772 (546)1,183 
Comprehensive (loss) income for the period attributable to:
RCI shareholders(1,145)781 (651)1,192 
Non-controlling interest61 (9)105 (9)

The accompanying notes are an integral part of the interim condensed consolidated financial statements.
 
Rogers Communications Inc.
3
Second Quarter 2026

Rogers Communications Inc.
Interim Condensed Consolidated Statements of Financial Position
(In millions of Canadian dollars, unaudited)
As at
June 30		As at
December 31
  Note20262025
Assets
Current assets:
Cash and cash equivalents1,726 1,344 
Accounts receivable125,728 6,105 
Inventories553 550 
Current portion of contract assets153 151 
Other current assets1,341 1,239 
Current portion of derivative instruments11 303 99 
Total current assets9,804 9,488 
Property, plant and equipment26,286 26,307 
Intangible assets28,771 28,898 
Investments13 1,292 1,291 
Derivative instruments11 960 746 
Financing receivables121,065 1,198 
Other long-term assets2,093 2,052 
Goodwill20,032 20,032 
Total assets 90,303 90,012 
Liabilities and equity
Current liabilities:
Short-term borrowings14 2,237 4,000 
Accounts payable and accrued liabilities4,375 4,831 
Other current liabilities204,838 3,831 
Contract liabilities952 1,114 
Current portion of long-term debt15 4,855 1,186 
Current portion of lease liabilities16 728 690 
Total current liabilities17,985 15,652 
Provisions56 55 
Long-term debt15 35,191 35,872 
Lease liabilities16 2,687 2,428 
Other long-term liabilities2,063 2,225 
Deferred tax liabilities9,471 9,494 
Total liabilities67,453 65,726 
Equity
Equity attributable to RCI shareholders16,559 17,751 
Non-controlling interest6,291 6,535 
Equity1722,850 24,286 
Total liabilities and equity 90,303 90,012 
Subsequent events15, 17, 20

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

Rogers Communications Inc.
4
Second Quarter 2026

Rogers Communications Inc.
Interim Condensed Consolidated Statements of Changes in Equity
(In millions of Canadian dollars, except number of shares, unaudited)
Attributable to RCI shareholders
Class A
Voting Shares
Class B
Non-Voting Shares
Six months ended June 30, 2026Amount
Number
of shares
(000s)
Amount
Number
of shares
(000s)
Retained
earnings
FVTOCI investment reserve
Hedging
reserve
Equity
investment reserve
TotalNon-
controlling
interest		Total
equity
Balances, January 1, 202671 111,152 2,415 429,073 16,528 32 (1,305)10 17,751 6,535 24,286 
Net income for the period
— — — — (288)— — — (288)105 (183)
Other comprehensive income:
FVTOCI investments, net of tax— — — — — 11 — — 11 — 11 
Derivative instruments accounted for as hedges, net of tax— — — — — — (375)— (375)— (375)
Total other comprehensive income (loss)— — — — — 11 (375)— (364)— (364)
Comprehensive income (loss) for the period
— — — — (288)11 (375)— (652)105 (547)
Transactions with shareholders recorded directly in equity:
Dividends declared— — — — (540)— — — (540)— (540)
Share class exchange— (3)— 3 — — — — — — — 
Dividends declared by a subsidiary to non-controlling interests (note 17)
— — — — — — — — — (349)(349)
Total transactions with shareholders— (3)— 3 (540)— — — (540)(349)(889)
Balances, June 30, 202671 111,149 2,415 429,076 15,700 43 (1,680)10 16,559 6,291 22,850 
Attributable to RCI shareholders
Class A
Voting Shares
Class B
Non-Voting Shares
Six months ended June 30, 2025Amount
Number
of shares
(000s)
Amount
Number
of shares
(000s)
Retained
earnings
FVTOCI investment reserve
Hedging
reserve
Equity
investment reserve
TotalNon-
controlling
interest		Total
equity
Balances, January 1, 202571 111,152 2,250 424,949 10,630 (7)(2,551)10 10,403 — 10,403 
Net income (loss) for the period
— — — — 437 — — — 437 (9)428 
Other comprehensive income:
Defined benefit pension plans, net of tax— — — — 49 — — — 49 — 49 
FVTOCI investments, net of tax— — — — — (22)— — (22)— (22)
Derivative instruments accounted for as hedges, net of tax— — — — — — 728 — 728 — 728 
Total other comprehensive income (loss)— — — — 49 (22)728 — 755 — 755 
Comprehensive income (loss) for the period
— — — — 486 (22)728 — 1,192 (9)1,183 
Transactions with shareholders recorded directly in equity:
Dividends declared— — — — (538)— — — (538)— (538)
Share price change on DRIP dividends
— — — — (2)— — — (2)— (2)
Non-controlling interests in shares of a subsidiary (note 17)
— — — — — — — — — 6,656 6,656 
Shares issued as settlement of dividends (note 17)
— — 165 4,124 — — — — 165 — 165 
Total transactions with shareholders— — 165 4,124 (540)— — — (375)6,656 6,281 
Balances, June 30, 202571 111,152 2,415 429,073 10,576 (29)(1,823)10 11,220 6,647 17,867 

The accompanying notes are an integral part of the interim condensed consolidated financial statements.
Rogers Communications Inc.
5
Second Quarter 2026

Rogers Communications Inc.
Interim Condensed Consolidated Statements of Cash Flows
(In millions of Canadian dollars, unaudited)
    Three months ended June 30Six months ended June 30
  Note2026202520262025
Operating activities:
Net (loss) income for the period(665)148 (183)428 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization1,194 1,184 2,415 2,350 
Program rights amortization33 31 86 50 
Finance costs8 565 628 1,008 1,207 
Income tax expense148 173 321 273 
Post-employment benefits contributions, net of expense18 19 34 36 
Income from associates and joint ventures9 (14)— (17)(2)
Gain on disposition of assets(30)— (30)— 
Loss on revaluation of MLSE put liability201,034 — 1,034 — 
Other16 (38)37 (35)
Cash provided by operating activities before changes in net operating assets and liabilities, income taxes paid, and interest paid2,299 2,145 4,705 4,307 
Change in net operating assets and liabilities21 (160)(28)(319)(111)
Income taxes paid(166)(126)(366)(314)
Interest paid, net (456)(395)(1,008)(990)
Cash provided by operating activities 1,517 1,596 3,012 2,892 
Investing activities:
Capital expenditures21 (695)(831)(1,503)(1,809)
Additions to program rights and other intangible assets(43)(24)(141)(48)
Changes in non-cash working capital related to investing activities(83)(68)(195)(56)
Acquisitions and other strategic transactions, net of cash acquired— — (85)— 
Other(6)7 (9)8 
Cash used in investing activities (827)(916)(1,933)(1,905)
Financing activities:
Net proceeds received from (repayment of) short-term borrowings14 161 (483)(1,791)(1,336)
Net (repayment) issuance of long-term debt15 — (2,178)2,169 424 
Net proceeds (payments) on settlement of debt derivatives and subsidiary equity derivatives11 20 (6)26 77 
Transaction costs incurred15 (2)(61)(29)(99)
Principal payments of lease liabilities16 (141)(134)(297)(267)
Dividends paid to RCI shareholders17 (270)(188)(540)(373)
Distributions paid by subsidiaries to non-controlling interests17 (117)— (233)— 
Issuance of subsidiary shares to non-controlling interest17 — 6,656 — 6,656 
Other(1)(3)(2)(4)
Cash (used in) provided by financing activities (350)3,603 (697)5,078 
Change in cash and cash equivalents340 4,283 382 6,065 
Cash and cash equivalents, beginning of period 1,386 2,680 1,344 898 
Cash and cash equivalents, end of period 1,726 6,963 1,726 6,963 

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

Rogers Communications Inc.
6
Second Quarter 2026

NOTE 1: NATURE OF THE BUSINESS

Rogers Communications Inc. is Canada's communications, sports and entertainment company. Substantially all of our operations and sales are in Canada. RCI is incorporated in Canada and its registered office is located at 333 Bloor Street East, Toronto, Ontario, M4W 1G9. RCI's shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI).

We, us, our, Rogers, Rogers Communications, and the Company refer to Rogers Communications Inc. and its subsidiaries. RCI refers to the legal entity Rogers Communications Inc., not including its subsidiaries. Rogers also holds interests in various investments and ventures.

We report our results of operations in three reportable segments. Each segment and the nature of its business is as follows:
SegmentPrincipal activities
WirelessWireless telecommunications operations for Canadian consumers, businesses, the public sector, and wholesale providers.
CableCable telecommunications operations, including Internet, television and other video (Video), Satellite, telephony (Home Phone), and home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets.
MediaA diversified portfolio of media properties, including sports media and entertainment, sports team ownership, television and radio broadcasting, specialty channels, and digital media.

During the six months ended June 30, 2026, Wireless and Cable were operated by our wholly owned subsidiary, Rogers Communications Canada Inc. (RCCI), and certain other subsidiaries. Media was operated by our wholly owned subsidiary, Rogers Media Inc., its subsidiaries, and Maple Leaf Sports & Entertainment Ltd. (MLSE). Effective July 2025, TSC was transferred from the Media reportable segment to Corporate Items, consistent with changes to its management structure. Comparative results have been recast to reflect this change, with no impact on consolidated results.

Our operating results are subject to seasonal fluctuations that materially impact quarter-to-quarter operating results and thus, one quarter's operating results are not necessarily indicative of a subsequent quarter's operating results. These typical fluctuations are described in note 1 to our annual audited consolidated financial statements for the year ended December 31, 2025 (2025 financial statements).

References in these financial statements to the Shaw Transaction are to our acquisition of Shaw Communications Inc. (Shaw) on April 3, 2023. For additional details regarding the Shaw Transaction, see note 3 to our 2024 financial statements. References to the MLSE Transaction are to our acquisition of BCE Inc.'s (Bell) indirect 37.5% interest in MLSE on July 1, 2025. For additional details, see "MLSE Transaction" in our 2025 Annual MD&A and our 2025 financial statements. References to the "network transaction" are to our sale of a non-controlling interest in Backhaul Network Services Inc. (BNSI), a Canadian subsidiary of Rogers that owns a minor part of our wireless network. For additional details, see "Subsidiary Equity Investment" in our 2025 Annual MD&A and our 2025 financial statements.

Statement of Compliance
We prepared our interim condensed consolidated financial statements for the three and six months ended June 30, 2026 (second quarter 2026 interim financial statements) in accordance with International Accounting Standard 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB), following the same accounting policies and methods of application as those disclosed in our 2025 financial statements. These second quarter 2026 interim financial statements were approved by the Audit and Risk Committee of RCI's Board of Directors (the Board) on July 21, 2026.

NOTE 2: MATERIAL ACCOUNTING POLICIES

Basis of Presentation
The notes presented in these second quarter 2026 interim financial statements include only material transactions and changes occurring for the six months since our year-end of December 31, 2025 and do not include all disclosures required by International Financial Reporting Standards (IFRS) as issued by the IASB for annual financial statements. These second quarter 2026 interim financial statements should be read in conjunction with the 2025 financial statements.

All dollar amounts are in Canadian dollars unless otherwise stated.


Rogers Communications Inc.
7
Second Quarter 2026

New Accounting Pronouncements Adopted in 2026
We adopted the following IFRS amendments in 2026. They did not have a material effect on our consolidated financial statements.
•Amendments to IFRS 9, Financial Instruments and IFRS 7, Financial Instruments: Disclosures, clarifying both the classification of financial assets linked to environmental, social, and governance as well as the timing in which a financial asset or financial liability is derecognized when using electronic payment systems.

Recent Accounting Pronouncements Not Yet Adopted
The IASB has not issued any new or amended accounting pronouncements in 2026.

The IASB has issued the following new standard that will become effective in future years:
•IFRS 18, Presentation and Disclosure in Financial Statements (replacing IAS 1, Presentation of Financial Statements), with an aim to improve the structure and content of the primary financial statements and comparability between issuers (January 1, 2027). The focus of IFRS 18 is on presentation in the statement of income by requiring income and expenses to be classified into operating, investing, and financing categories. The main business activities of a company drive classification of income and expense into appropriate categories and further disaggregation of operating expense line items will be required in the statement of income. It also introduces defined subtotals of "operating profit" and "profit before financing and income taxes" in the statement of income to improve comparability between companies. Impacts on the statement of cash flows include eliminating classification options for interest and dividend receipts (must be classified as investing) and payments (must be classified as financing). In addition, IFRS 18 provides guidance on the disclosure of "management-defined performance measures" in relation to the statement of income, including reconciliation requirements.

We are continuing to assess the impacts IFRS 18 will have on our consolidated financial statements. We expect our consolidated statements of income will be presented differently under IFRS 18 and there will be recategorizations of certain line items in the statements of income and statements of cash flows.

NOTE 3: CAPITAL RISK MANAGEMENT

Key Metrics and Ratios
We monitor adjusted net debt, debt leverage ratio, free cash flow, and available liquidity to manage our capital structure and related risks. These are not standardized financial measures under IFRS and might not be comparable to similar capital management measures disclosed by other companies. A summary of our key metrics and ratios follows, along with a reconciliation between each of these measures and the items presented in the interim condensed consolidated financial statements.

Adjusted net debt and debt leverage ratio
We monitor adjusted net debt and debt leverage ratio as part of the management of liquidity to sustain future development of our business, conduct valuation-related analyses, and make decisions about capital. In so doing, we typically aim to have an adjusted net debt and debt leverage ratio that allow us to maintain investment-grade credit ratings, which allows us the associated access to capital markets. Our debt leverage ratio can increase due to strategic, long-term investments (for example, to obtain new spectrum licences or to consummate an acquisition) and we work to lower the ratio over time. While our debt leverage ratio has increased as a result of the MLSE Transaction, we intend to manage our debt leverage ratio through combined operational synergies, organic growth in adjusted EBITDA, proceeds from asset sales and monetizations, equity financing, and debt repayment, as applicable. As at June 30, 2026 and December 31, 2025, we met our objectives for these metrics.
 As at
June 30		As at
December 31
(In millions of dollars, except ratios)20262025
Adjusted net debt 1,2
38,006 38,856 
Divided by: trailing 12-month adjusted EBITDA10,010 9,820 
Debt leverage ratio3.8 4.0 
1    For the purposes of calculating adjusted net debt and debt leverage ratio, we believe adjusting 50% of the value of our subordinated notes is appropriate as this methodology factors in certain circumstances with respect to priority for payment and this approach is commonly used to evaluate debt leverage by rating agencies.
2    For the purposes of calculating adjusted net debt and debt leverage ratio, we have added the deferred government grant liability relating to our Canada Infrastructure Bank facility to reflect the inclusion of the cash drawings.

Rogers Communications Inc.
8
Second Quarter 2026

Free cash flow
We use free cash flow to understand how much cash we generate that is available to repay debt or reinvest in our business, which is an important indicator of our financial strength and performance.
  Three months ended June 30Six months ended June 30
(In millions of dollars)Note2026202520262025
Adjusted EBITDA42,442 2,362 4,806 4,616 
Deduct (add):
Capital expenditures 1
21 695 831 1,503 1,809 
Interest on borrowings, net and capitalized interest8494 480 970 982 
Cash income taxes 2
166 126 366 314 
Distributions paid by subsidiaries to non-controlling interests
117 — 233 — 
Net cash proceeds on subsidiary equity derivatives 3
(12)— (24)— 
Free cash flow982 925 1,758 1,511 
1    Includes additions to property, plant and equipment net of proceeds on disposition and accrued government grants, but does not include expenditures for spectrum licences, additions to right-of-use assets, or assets acquired through business combinations.
2    Cash income taxes are net of refunds received.
3    Reflects the impact of the subsidiary equity derivatives, which we entered into to economically hedge the distributions to non-controlling interests. See note 11 for more information.

  Three months ended June 30Six months ended June 30
(In millions of dollars)Note2026202520262025
Cash provided by operating activities1,517 1,596 3,012 2,892 
Add (deduct):
Capital expenditures21(695)(831)(1,503)(1,809)
Interest on borrowings, net and capitalized interest8(494)(480)(970)(982)
Interest paid456 395 1,008 990 
Restructuring, acquisition and other7211 238 260 365 
Program rights amortization(33)(31)(86)(50)
Change in net operating assets and liabilities21160 28 319 111 
Distributions paid by subsidiaries to non-controlling interests17(117)— (233)— 
Net cash proceeds on subsidiary equity derivatives1712 — 24 — 
Post-employment benefit contributions, net of expense(18)(19)(34)(36)
Cash flows relating to other operating activities(16)38 (37)35 
Other investment income9(1)(9)(2)(5)
Free cash flow982 925 1,758 1,511 

Available liquidity
Available liquidity fluctuates based on business circumstances. We continually manage (including through monitoring our access to capital markets), and aim to have sufficient, available liquidity at all times to help protect our ability to meet all of our commitments (operationally and for maturing debt obligations), to execute our business plan (including to acquire spectrum licences or consummate acquisitions), to mitigate the risk of economic downturns, and for other unforeseen circumstances. As at June 30, 2026 and December 31, 2025, we had sufficient liquidity available to us to meet this objective.

Below is a summary of our total available liquidity from our cash and cash equivalents, bank credit facilities, letter of credit facilities, and short-term borrowings, including our receivables securitization program and our US dollar-denominated commercial paper (US CP) program.

Our $815 million Canada Infrastructure Bank credit agreement is not included in available liquidity as it can only be drawn upon for use in broadband projects under the Universal Broadband Fund, and therefore is not available for other general purposes. During the three and six months ended June 30, 2026, we borrowed nil (2025 - $34 million and $62 million) under this facility.
Rogers Communications Inc.
9
Second Quarter 2026

As at June 30, 2026Total sourcesDrawnLetters of credit
US CP program 1
Net available
(In millions of dollars)Note
Cash and cash equivalents1,726 — — — 1,726 
Bank credit facilities 2:
Revolving154,260 — 11 642 3,607 
Non-revolving15300 300 — — — 
Outstanding letters of credit75 — 75 — — 
Receivables securitization 2
142,400 1,600 — — 800 
Total8,761 1,900 86 642 6,133 
1    The US CP program amounts are gross of the discount on issuance.
2    The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements. The US CP program amount represents our currently outstanding US CP borrowings that are backstopped by our revolving credit facility.

As at December 31, 2025Total sourcesDrawnLetters of creditNet available
(In millions of dollars)Note
Cash and cash equivalents1,344 — — 1,344 
Bank credit facilities 1:
Revolving154,260 115 10 4,135 
Non-revolving
14, 15
2,300 2,300 — — 
Outstanding letters of credit45 — 45 — 
Receivables securitization 1
142,400 2,000 — 400 
Total
10,349 4,415 55 5,879 
1    The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements.

NOTE 4: SEGMENTED INFORMATION

Our reportable segments are Wireless, Cable, and Media. All three segments operate substantially in Canada. Corporate items and eliminations include our interests in businesses that are not reportable operating segments, corporate administrative functions, and eliminations of inter-segment revenues and costs. Effective July 2025, TSC was transferred from the Media segment to Corporate Items, consistent with changes to its management structure. Comparative results have been recast to reflect this change, with no impact on consolidated results. We follow the same accounting policies for our segments as those described in note 2 of our 2025 financial statements. Segment results include items directly attributable to a segment as well as those that have been allocated on a reasonable basis. We account for transactions between reportable segments in the same way we account for transactions with external parties, however eliminate them on consolidation.

The Chief Executive Officer and Chief Financial Officer of RCI are, collectively, our chief operating decision maker and regularly review our operations and performance by segment. They review adjusted EBITDA as the key measure of profit for the purpose of assessing performance of each segment and to make decisions about the allocation of resources. Adjusted EBITDA is defined as income before depreciation and amortization; (gain) loss on disposition of property, plant and equipment; restructuring, acquisition and other; finance costs; other (income) expense; and income tax expense.

Rogers Communications Inc.
10
Second Quarter 2026

Information by Segment
Three months ended June 30, 2026NoteWirelessCableMediaCorporate items
and eliminations		Consolidated
totals
(In millions of dollars)
Revenue from external customers5 2,504 1,962 1,075 74 5,615 
Revenue from internal customers36 22 80 (138)— 
Total revenue2,540 1,984 1,155 (64)5,615 
Operating costs61,227 826 1,086 34 3,173 
Adjusted EBITDA1,313 1,158 69 (98)2,442 
Depreciation and amortization1,194 
Restructuring, acquisition and other7211 
Finance costs8565 
Gain on disposition of assets21(30)
Other expense9    1,019 
Loss before income taxes     (517)
Three months ended June 30, 2025NoteWirelessCableMedia
Corporate items
and eliminations
Consolidated
totals
(In millions of dollars)
Revenue from external customers5 2,513 1,951 679 73 5,216 
Revenue from internal customers27 17 78 (122)— 
Total revenue2,540 1,968 757 (49)5,216 
Operating costs61,235 821 749 49 2,854 
Adjusted EBITDA1,305 1,147 8 (98)2,362 
Depreciation and amortization1,184 
Restructuring, acquisition and other7238 
Finance costs8628 
Other income9    (9)
Income before income taxes     321 
Six months ended June 30, 2026NoteWirelessCableMediaCorporate items
and eliminations		Consolidated
totals
(In millions of dollars)
Revenue from external customers5 5,061 3,894 1,991 151 11,097 
Revenue from internal customers70 38 152 (260)— 
Total revenue5,131 3,932 2,143 (109)11,097 
Operating costs62,495 1,652 2,074 70 6,291 
Adjusted EBITDA2,636 2,280 69 (179)4,806 
Depreciation and amortization2,415 
Restructuring, acquisition and other7260 
Finance costs81,008 
Gain on disposition of assets21(30)
Other expense9    1,015 
Income before income taxes     138 
Rogers Communications Inc.
11
Second Quarter 2026

Six months ended June 30, 2025NoteWirelessCableMedia
Corporate items
and eliminations
Consolidated
totals
(In millions of dollars)
Revenue from external customers5 5,034 3,869 1,142 147 10,192 
Revenue from internal customers50 34 157 (241)— 
Total revenue5,084 3,903 1,299 (94)10,192 
Operating costs62,468 1,648 1,354 106 5,576 
Adjusted EBITDA2,616 2,255 (55)(200)4,616 
Depreciation and amortization2,350 
Restructuring, acquisition and other7365 
Finance costs81,207 
Other income9    (7)
Income before income taxes     701 

NOTE 5: REVENUE
Three months ended June 30Six months ended June 30
(In millions of dollars)2026202520262025
Wireless
Service revenue from external customers
1,954 1,972 3,951 3,975 
Service revenue from internal customers36 27 70 50 
Service revenue
1,990 1,999 4,021 4,025 
Equipment revenue from external customers
550 541 1,110 1,059 
Total Wireless2,540 2,540 5,131 5,084 
Cable
Service revenue from external customers1,952 1,944 3,874 3,851 
Service revenue from internal customers22 17 38 34 
Service revenue
1,974 1,961 3,912 3,885 
Equipment revenue from external customers10 7 20 18 
Total Cable1,984 1,968 3,932 3,903 
Media
Revenue from external customers
1,075 679 1,991 1,142 
Revenue from internal customers
80 78 152 157 
Total Media1,155 757 2,143 1,299 
Corporate items
Revenue from external customers74 73 151 147 
Revenue from internal customers 3 9 16 17 
Total corporate items
77 82 167 164 
Intercompany eliminations
(141)(131)(276)(258)
Total revenue5,615 5,216 11,097 10,192 
Total service revenue5,055 4,668 9,967 9,115 
Total equipment revenue560 548 1,130 1,077 
Total revenue5,615 5,216 11,097 10,192 

Rogers Communications Inc.
12
Second Quarter 2026

NOTE 6: OPERATING COSTS
  Three months ended June 30Six months ended June 30
(In millions of dollars)2026202520262025
Cost of equipment sales510 532 1,057 1,049 
Merchandise for resale73 51 124 93 
Goods and services purchased 1,837 1,620 3,620 3,266 
Employee salaries, benefits, and stock-based compensation753 651 1,490 1,168 
Total operating costs3,173 2,854 6,291 5,576 

NOTE 7: RESTRUCTURING, ACQUISITION AND OTHER
Three months ended June 30Six months ended June 30
(In millions of dollars)2026202520262025
Restructuring, acquisition and other excluding Shaw Transaction integration-related costs207 213 245 303 
Shaw Transaction integration-related costs4 25 15 62 
Total restructuring, acquisition and other211 238 260 365 

The restructuring, acquisition and other costs excluding Shaw Transaction integration-related costs in 2025 and 2026 primarily include severance and other departure-related costs associated with the targeted restructuring of our employee base, specifically including $120 million arising from a voluntary departure program in 2026. For the six months ended June 30, 2026, we also incurred costs associated with certain litigation. In 2025, these costs also included costs related to the network transaction, an unfavourable regulatory decision related to retransmission of distant signals, and real estate rationalization programs.

The Shaw Transaction integration-related costs in 2025 and 2026 consisted of incremental costs supporting integration activities related to the Shaw Transaction.

NOTE 8: FINANCE COSTS
  Three months ended June 30Six months ended June 30
(In millions of dollars)Note2026202520262025
Interest on borrowings, net 1
502 488 984 999 
Interest on lease liabilities1641 36 80 72 
Interest on post-employment benefits
(1)(1)(3)(3)
Loss (gain) on foreign exchange30 (75)37 (86)
Change in fair value of derivative instruments(23)59 (35)72 
Change in fair value of subsidiary equity derivative instruments 2
(16)93 (121)93 
Capitalized interest(8)(8)(14)(17)
Deferred transaction costs and other40 36 80 77 
Total finance costs565 628 1,008 1,207 
1    Interest on borrowings, net includes interest on short-term borrowings and on long-term debt.
2    Reflects the change in fair value of derivatives entered into related to the network transaction (see note 11 for more information).

Rogers Communications Inc.
13
Second Quarter 2026

NOTE 9: OTHER EXPENSE (INCOME)
  Three months ended June 30Six months ended June 30
(In millions of dollars)Note2026202520262025
Income from associates and joint ventures(14)— (17)(2)
Loss on revaluation of MLSE put liability201,034 — 1,034 — 
Other income(1)(9)(2)(5)
Total other expense (income)1,019 (9)1,015 (7)

NOTE 10: (LOSS) EARNINGS PER SHARE
  Three months ended June 30Six months ended June 30
(In millions of dollars, except per share amounts)2026202520262025
Numerator (basic) - Net (loss) income attributable to RCI shareholders for the period(726)157 (288)437 
Denominator - Number of shares (in millions):
Weighted average number of shares outstanding - basic540 540 540 539 
Effect of dilutive securities (in millions):
Employee stock options and restricted share units— 1 — 1 
Weighted average number of shares outstanding - diluted540 541 540 540 
(Loss) earnings per share attributable to RCI shareholders:
Basic($1.34)$0.29 ($0.53)$0.81 
Diluted($1.37)$0.29 ($0.55)$0.79 

For the three and six months ended June 30, 2026 and 2025, accounting for outstanding share-based payments using the equity-settled method for stock-based compensation was determined to be more dilutive than using the cash-settled method. As a result, net loss for the three and six months ended June 30, 2026 was increased by $16 million and $10 million (2025 - net income was reduced by $1 million and $8 million), respectively, in the diluted earnings per share calculation.

For the three and six months ended June 30, 2026, a total of 11,894,102 options (2025 - 12,204,957) were excluded from the calculation of the effect of dilutive securities because they were anti-dilutive.

NOTE 11: FINANCIAL INSTRUMENTS

Derivative Instruments
We use derivative instruments to manage financial risks related to our business activities. These include debt derivatives, interest rate derivatives, expenditure derivatives, and equity derivatives. We only use derivatives to manage risk and not for speculative purposes.

All of our currently outstanding debt derivatives related to our senior notes, senior debentures, subordinated notes, and lease liabilities, as well as our expenditure derivatives have been designated as hedges for accounting purposes.

Debt derivatives
We use cross-currency interest rate exchange agreements, forward cross-currency interest rate exchange agreements, and foreign currency forward contracts (collectively, debt derivatives) to manage risks from fluctuations in foreign exchange rates and interest rates associated with our US dollar-denominated senior notes, debentures, subordinated notes, lease liabilities, credit facility borrowings, and US CP borrowings (see note 15). We typically designate the debt derivatives related to our senior notes, debentures, subordinated notes, and lease liabilities as hedges for accounting purposes against the foreign exchange risk or interest rate risk associated with specific issued and forecast debt instruments. Debt derivatives related to our credit facility and US CP borrowings, with the exception of the interest rate swaps acquired in the MLSE Transaction, have not been designated as hedges for accounting purposes.

Rogers Communications Inc.
14
Second Quarter 2026

Credit facilities and US CP
The tables below summarize the debt derivatives we entered into and settled related to our credit facility borrowings and US CP program during the three and six months ended June 30, 2026 and 2025.
Three months ended June 30, 2026Six months ended
June 30, 2026
(In millions of dollars, except exchange rates)
Notional
 (US$)
Exchange rate
Notional
(Cdn$)
Notional
(US$)
Exchange
rate
Notional
(Cdn$)
US commercial paper program
Debt derivatives entered1,235 1.379 1,703 2,089 1.377 2,876 
Debt derivatives settled1,111 1.382 1,535 1,639 1.377 2,257 
Net cash received on settlement10 3 
Three months ended June 30, 2025Six months ended
June 30, 2025
(In millions of dollars, except exchange rates)
Notional
 (US$)
Exchange rateNotional
(Cdn$)
Notional
(US$)
Exchange
rate
Notional
(Cdn$)
Credit facilities
Debt derivatives entered1,006 1.391 1,399 4,148 1.423 5,902 
Debt derivatives settled2,052 1.386 2,845 5,196 1.413 7,342 
Net cash paid on settlement(51)(68)
US commercial paper program
Debt derivatives entered— — — 299 1.435 429 
Debt derivatives settled— — — 613 1.431 877 
Net cash received on settlement— 2 

As at June 30, 2026, we had US$450 million notional amount of debt derivatives outstanding relating to our US CP program (December 31, 2025 - nil), at an average rate of $1.385/US$ (December 31, 2025 - nil/US$).

Subordinated notes
Below is a summary of the debt derivatives we entered into related to subordinated notes during the six months ended June 30, 2026 and 2025.
(In millions of dollars, except interest rates)
US$Hedging effect
Effective datePrincipal/Notional amount (US$)Maturity dateCoupon rate
Fixed hedged (Cdn$) interest rate 1
Equivalent (Cdn$)
2026 issuances
March 27, 2026750 20566.875 %6.193 %1,034 
2025 issuances
February 12, 20251,100 20557.000 %5.440 %1,575 
February 12, 20251,00020557.125 %5.862 %1,432 
1    Converting from a fixed US$ coupon rate to a weighted average Cdn$ fixed rate.

As at June 30, 2026, we had US$16,661 million (December 31, 2025 - US$15,911 million) in US dollar-denominated senior notes, debentures, and subordinated notes, of which all of the associated foreign exchange risk had been hedged using debt derivatives, at an average rate of $1.291/US$ (December 31, 2025 - $1.287/US$).

In March 2025, we repaid the entire outstanding principal amount of our US$1 billion 2.95% senior notes and settled the associated debt derivatives at maturity, resulting in $95 million received on settlement of the associated debt derivatives.

Rogers Communications Inc.
15
Second Quarter 2026

Lease liabilities
Below is a summary of the debt derivatives we entered into and settled related to our outstanding lease liabilities for the three and six months ended June 30, 2026 and 2025.
Three months ended June 30, 2026Six months ended June 30, 2026
(In millions of dollars, except exchange rates)
Notional
(US$)
Exchange rateNotional
(Cdn$)
Notional
(US$)
Exchange
rate
Notional
(Cdn$)
Debt derivatives entered54 1.407 76 91 1.396 127 
Debt derivatives settled66 1.348 89 132 1.356 179 
Net cash paid on settlement(2)(1)
Three months ended June 30, 2025Six months ended June 30, 2025
(In millions of dollars, except exchange rates)
Notional
(US$)
Exchange rateNotional
(Cdn$)
Notional
(US$)
Exchange
rate
Notional
(Cdn$)
Debt derivatives entered55 1.400 77 114 1.395 159 
Debt derivatives settled61 1.344 82 120 1.350 162 
Net cash received on settlement2 5 

As at June 30, 2026, we had US$369 million notional amount of debt derivatives outstanding relating to our outstanding lease liabilities (December 31, 2025 - US$410 million) with terms to maturity ranging from July 2026 to June 2029 (December 31, 2025 - January 2026 to December 2028) at an average rate of $1.373/US$ (December 31, 2025 - $1.365/US$).

Expenditure derivatives
We use foreign currency forward contracts and option contracts (expenditure derivatives) to manage the foreign exchange risk in our operations, designating them as hedges for accounting purposes for certain of our forecast operational and capital expenditures. In 2025, as a result of the MLSE Transaction, we acquired expenditure derivatives and other foreign exchange options that had previously been entered into by MLSE. The other foreign exchange options are effective economic hedges against future US dollar-denominated expenditures; however, they cannot be designated as hedges for accounting purposes. Changes in their fair values are recognized in "change in fair value of derivative instruments" in "finance costs".

The following table provides further details on our outstanding foreign currency forward contracts and options as at June 30, 2026 and December 31, 2025.
As at June 30As at December 31
(in millions of dollars)20262025
Type of hedgeAmount to receive (US$)Amount to pay (Cdn$)Amount to receive (US$)Amount to pay (Cdn$)MaturityHedged item
Cash flow836 1,142 1,429 1,955 2026Anticipated purchases
Cash flow1,129 1,524 609 826 2027Anticipated purchases
Cash flow130 175 40 54 2028Anticipated purchases
Cash flow25 34 — — 2029Anticipated purchases
Cash flow292 380 305 397 2026-2039Future Toronto Blue Jays player compensation
Economic— — 216 285 2026Anticipated purchases
Economic100 137 420 565 2027Anticipated purchases
Economic85 117 205 275 2028Anticipated purchases
Economic45 61 45 61 2029Anticipated purchases

Equity derivatives
We use total return swaps (equity derivatives) to hedge the market price appreciation risk of the RCI Class B Non-Voting common shares (Class B Non-Voting Shares) granted under our stock-based compensation programs. The equity derivatives have not been designated as hedges for accounting purposes.

As at June 30, 2026, we had equity derivatives outstanding for 6.5 million (December 31, 2025 - 5.5 million) Class B Non-Voting Shares with a weighted average price of $48.20 (December 31, 2025 - $46.81).

During the six months ended June 30, 2026, we entered into 1 million equity derivatives with a weighted average price of $55.23.
Rogers Communications Inc.
16
Second Quarter 2026

During the three months ended June 30, 2026, we reset the pricing on 0.2 million existing equity derivatives, resulting in net proceeds of $0.6 million. We also executed extension agreements on all equity derivative contracts under substantially the same commitment terms and conditions with revised expiry dates to April 2027 (from April 2026). The weighted average cost was adjusted to $48.20 per share.

Subsidiary equity derivatives
We have entered into cross-currency interest rate exchange agreements to manage the foreign exchange risk of our subsidiary equity investment (subsidiary equity derivatives). The subsidiary equity derivatives economically hedge our US dollar-denominated exposures arising from the subsidiary equity investment but cannot be designated as hedges for accounting purposes. These subsidiary equity derivatives convert an 8% US dollar-denominated cash flow into a Cdn$ rate of 7.16% until maturity on a quarterly basis.

Cash settlements on debt derivatives and subsidiary equity derivatives
The table below summarizes the net proceeds (payments) on settlement of debt derivatives and subsidiary equity derivatives during the three and six months ended June 30, 2026 and 2025.
Three months ended June 30Six months ended June 30
(In millions of dollars)2026202520262025
Credit facilities— (51)— (68)
US commercial paper program10 — 3 2 
Senior and subordinated notes— — — 95 
Lease liabilities
(2)2 (1)5 
Subsidiary equity derivatives
12 43 24 43 
Net proceeds (payments) on settlement of debt derivatives and subsidiary equity derivatives20 (6)26 77 

Fair Values of Financial Instruments
The carrying value of cash and cash equivalents, accounts receivable, bank advances, short-term borrowings, and accounts payable and accrued liabilities approximate their fair values because of the short-term nature of these financial instruments. The carrying value of our lease liabilities approximates their fair value because the discount rate used to calculate them approximates our current borrowing rate. The carrying values of our financing receivables also approximate their fair values based on our recognition of an expected credit loss allowance.

We determine the fair value of our private investments by using implied valuations from follow-on financing rounds, third-party sale negotiations, or using market-based approaches. These are applied appropriately to each investment depending on its future operating and profitability prospects.

The fair values of each of our public debt instruments are based on the period-end estimated market yields, or period-end trading values, where available. We determine the fair values of our debt derivatives and expenditure derivatives using an estimated credit-adjusted mark-to-market valuation by discounting cash flows to the measurement date. In the case of derivatives in an asset position, the credit adjustment for the financial institution counterparty is added to the risk-free value to determine the estimated credit-adjusted value for each derivative. For those derivatives in a liability position, our credit adjustment is added to the risk-free value for each derivative.

The fair values of our equity derivatives are based on the period-end quoted market value of Class B Non-Voting Shares.
The fair value of the MLSE put liability is based on the agreed-upon amount to purchase the remaining 25% interest in MLSE from the non-controlling interest holder (see note 20).

Our disclosure of the three-level fair value hierarchy reflects the significance of the inputs used in measuring fair value:
•financial assets and financial liabilities in Level 1 are valued by referring to quoted prices in active markets for identical assets and liabilities;
•financial assets and financial liabilities in Level 2 are valued using inputs based on observable market data, either directly or indirectly, other than the quoted prices; and
•Level 3 valuations are based on inputs that are not based on observable market data.

There were no financial instruments in Level 1 as at June 30, 2026 or December 31, 2025. There were no transfers between Level 1, Level 2, or Level 3 during the three and six months ended June 30, 2026 or 2025.

Rogers Communications Inc.
17
Second Quarter 2026

Below is a summary of our financial instruments carried at fair value as at June 30, 2026 and December 31, 2025.
Carrying valueFair value (Level 2)Fair value (Level 3)
As at
June 30		As at
Dec. 31		As at
June 30		As at
Dec. 31		As at
June 30		As at
Dec. 31
(In millions of dollars)202620252026202520262025
Financial assets
Investments, measured at FVTOCI:
Investments in private companies
224 212 — — 224 212 
Held-for-trading:
Debt derivatives accounted for as cash flow hedges1,068 787 1,068 787 — — 
Debt derivatives not accounted for as hedges15 — 15 — — — 
Expenditure derivatives accounted for as cash flow hedges98 20 98 20 — — 
Equity derivatives not accounted for as hedges22 37 22 37 — — 
Subsidiary equity derivatives not accounted for as hedges60 1 60 1 — — 
Total financial assets1,487 1,057 1,263 845 224 212 
Financial liabilities
Long-term debt (including current portion)
40,046 37,058 38,913 36,523 — — 
MLSE put liability4,350 3,316 — — 4,350 3,316 
Held-for-trading:
Debt derivatives accounted for as cash flow hedges545 645 545 645 — — 
MLSE interest rate swap5 7 5 7 — — 
Expenditure derivatives accounted for as cash flow hedges— 28 — 28 — — 
Expenditure derivatives not accounted for as hedges4 17 4 17 — — 
Equity derivatives not accounted as hedges36 9 36 9 — — 
Subsidiary equity derivatives not accounted for as hedges— 36 — 36 — — 
Virtual power purchase agreement not accounted for as a hedge5 65 6— — 
Total financial liabilities44,991 41,122 39,508 37,271 4,350 3,316 

NOTE 12: FINANCING RECEIVABLES

Financing receivables represent amounts owed to us under device or accessory financing agreements that have not yet been billed. Our financing receivable balances are included in "accounts receivable" (when they are to be billed and collected within twelve months) and "financing receivables" on our interim condensed consolidated statements of financial position. Below is a breakdown of our financing receivable balances.
As at
June 30		As at
December 31
(In millions of dollars)20262025
Current financing receivables2,337 2,448 
Long-term financing receivables1,065 1,198 
Total financing receivables3,402 3,646 

NOTE 13: INVESTMENTS
As at
June 30
As at
December 31
(In millions of dollars)20262025
Investments in private companies, measured at FVTOCI
224 212 
Investments, associates and joint ventures1,068 1,079 
Total investments1,292 1,291 

Rogers Communications Inc.
18
Second Quarter 2026

NOTE 14: SHORT-TERM BORROWINGS

Below is a summary of our short-term borrowings as at June 30, 2026 and December 31, 2025.
 As at
June 30
As at
December 31
(In millions of dollars)20262025
Receivables securitization program1,600 2,000 
US commercial paper program (net of the discount on issuance)637 — 
Non-revolving credit facility borrowings (net of the discount on issuance)— 2,000 
Total short-term borrowings2,237 4,000 

The tables below summarize the activity relating to our short-term borrowings for the three and six months ended June 30, 2026 and 2025.
Three months ended June 30, 2026Six months ended June 30, 2026
(In millions of dollars, except exchange rates)Notional (US$)Exchange rateNotional (Cdn$)Notional (US$)Exchange rateNotional (Cdn$)
Proceeds received from receivables securitization250 650 
Repayment of receivables securitization(250)(1,050)
Net repayment of receivables securitization— (400)
Proceeds received from US commercial paper1,235 1.379 1,703 2,089 1.377 2,876 
Repayment of US commercial paper(1,116)1.382 (1,542)(1,647)1.376 (2,267)
Net proceeds received from US commercial paper161 609 
Repayment of non-revolving credit facilities (Cdn$)— (2,000)
Total repayment of non-revolving credit facilities— (2,000)
Net proceeds received from (repayment of) short-term borrowings161 (1,791)
Three months ended June 30, 2025Six months ended June 30, 2025
(In millions of dollars, except exchange rates)Notional (US$)Exchange rateNotional (Cdn$)Notional (US$)Exchange rateNotional (Cdn$)
Proceeds received from receivables securitization— — 
Net repayment of receivables securitization— (400)
Proceeds received from US commercial paper— — — 299 1.435 429 
Repayment of US commercial paper— — — (616)1.430 (881)
Net repayment of US commercial paper— (452)
Proceeds received from non-revolving credit facilities (US$) 1
— — — 1,045 1.433 1,497 
Repayment of non-revolving credit facilities (US$) 1
(349)1.384 (483)(1,397)1.418 (1,981)
Net repayment of non-revolving credit facilities(483)(484)
Net repayment of short-term borrowings(483)(1,336)
1    Borrowings under our non-revolving facility matured and were reissued regularly, such that until repaid, we maintained net outstanding borrowings equivalent to the then-current credit limit on the reissue dates.

Rogers Communications Inc.
19
Second Quarter 2026

Receivables Securitization Program
Below is a summary of our receivables securitization program as at June 30, 2026 and December 31, 2025.
 As at
June 30
As at
December 31
(In millions of dollars)20262025
Receivables sold to buyer as security3,494 3,251 
Short-term borrowings from buyer(1,600)(2,000)
Overcollateralization1,894 1,251 

Below is a summary of the activity related to our receivables securitization program for the three and six months ended June 30, 2026 and 2025.
Three months ended June 30Six months ended June 30
(In millions of dollars)2026202520262025
Receivables securitization program, beginning of period1,600 1,600 2,000 2,000 
Net repayment of receivables securitization— — (400)(400)
Receivables securitization program, end of period1,600 1,600 1,600 1,600 

US Commercial Paper Program
The tables below summarize the activity relating to our US CP program for the three and six months ended June 30, 2026 and 2025.
Three months ended June 30, 2026Six months ended June 30, 2026
(In millions of dollars, except exchange rates)Notional (US$)Exchange rateNotional (Cdn$)Notional (US$)Exchange rateNotional (Cdn$)
US commercial paper program, beginning of period325 1.394 453 — — — 
Net proceeds received from US commercial paper119 1.353 161 442 1.378 609 
Discounts on issuance 1
5 n/m7 7 
n/m
10 
Loss on foreign exchange 1
16 18 
US commercial paper program, end of period449 1.419 637 449 1.419 637 
n/m - not meaningful
1 Included in finance costs.

Three months ended June 30, 2025Six months ended June 30, 2025
(In millions of dollars, except exchange rates)Notional (US$)Exchange rateNotional (Cdn$)Notional (US$)Exchange rateNotional (Cdn$)
US commercial paper program, beginning of period— — — 314 1.439 452 
Net repayment of US commercial paper— — — (317)1.426 (452)
Discounts on issuance 1
— — — 3 
n/m
4 
Gain on foreign exchange 1
— (4)
US commercial paper program, end of period— — — — — — 
1 Included in finance costs.

Concurrent with the commercial paper issuances, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the borrowings under the US CP program (see note 11). We have not designated these debt derivatives as hedges for accounting purposes.

Rogers Communications Inc.
20
Second Quarter 2026

Non-Revolving Credit Facilities
Below is a summary of the activity relating to our non-revolving credit facilities for the three and six months ended June 30, 2026 and 2025.
Three months ended June 30Six months ended June 30
(In millions of dollars)2026202520262025
Non-revolving credit facility, beginning of period— 502 2,000 507 
Net repayment of non-revolving credit facility— (483)(2,000)(484)
Gain on foreign exchange 1
— (19)— (23)
Non-revolving credit facility, end of period— — — — 
1 Included in finance costs.

Concurrent with our US dollar-denominated borrowings under our credit facilities in 2025, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the borrowings (see note 11).
Rogers Communications Inc.
21
Second Quarter 2026

NOTE 15: LONG-TERM DEBT
Principal
amount		Interest
rate		As at
June 30		As at
December 31
(In millions of dollars, except interest rates)Par call dateDue date  20262025
Bank credit facilities (Cdn$ portion)Floating300 415 
Canada Infrastructure Bank credit facility20521.000 %134 134 
Senior notesn/aSep 2026500 5.650 %500 500 
Senior notesAug 2026Nov 2026US500 2.900 %710 686 
Senior notes 1
Dec 2026Mar 2027300 3.800 %300 300 
Senior notesJan 2027Mar 20271,500 3.650 %1,500 1,500 
Senior notesFeb 2027Mar 2027US1,300 3.200 %1,845 1,784 
Senior notesAug 2028Sep 20281,000 5.700 %1,000 1,000 
Senior notes 1
Aug 2028Nov 2028500 4.400 %500 500 
Senior notesJan 2029Feb 2029US1,250 5.000 %1,775 1,716 
Senior notesFeb 2029Apr 20291,000 3.750 %1,000 1,000 
Senior notesFeb 2029May 2029700 3.250 %700 700 
Senior notes 1
Sep 2029Dec 2029159 3.300 %159 159 
Senior notesJul 2030Sep 2030500 5.800 %500 500 
Senior notes 1
Sep 2030Dec 2030210 2.900 %210 210 
Senior notesDec 2031Mar 2032US2,000 3.800 %2,839 2,745 
Senior notesJan 2032Apr 20321,000 4.250 %1,000 1,000 
Senior debentures 2
n/aMay 2032US200 8.750 %284 275 
Senior notesJun 2033Sep 20331,000 5.900 %1,000 1,000 
Senior notesNov 2033Feb 2034US1,250 5.300 %1,775 1,716 
Senior notesn/aAug 2038US350 7.500 %497 480 
Senior notesn/aNov 2039500 6.680 %500 500 
Senior notes 1
n/aNov 20391,450 6.750 %1,450 1,450 
Senior notesFeb 2040Aug 2040800 6.110 %800 800 
Senior notesSep 2040Mar 2041400 6.560 %400 400 
Senior notesSep 2041Mar 2042US750 4.500 %1,065 1,029 
Senior notesSep 2042Mar 2043US382 4.500 %541 524 
Senior notesApr 2043Oct 2043US650 5.450 %923 892 
Senior notesSep 2043Mar 2044US752 5.000 %1,068 1,032 
Senior notesAug 2047Feb 2048US506 4.300 %718 694 
Senior notesNov 2048May 2049US630 4.350 %894 865 
Senior notesMay 2049Nov 2049US541 3.700 %768 743 
Senior notes 1
Jun 2049Dec 204926 4.250 %26 26 
Senior notesSep 2051Mar 2052US2,000 4.550 %2,839 2,745 
Senior notesOct 2051Apr 20521,000 5.250 %1,000 1,000 
Subordinated notes 3
Feb 2030Apr 2055US1,100 7.000 %1,562 1,510 
Subordinated notes 3
Feb 2035Apr 2055US1,000 7.125 %1,420 1,373 
Subordinated notes 3
Feb 2030Apr 20551,000 5.625 %1,000 1,000 
Subordinated notes 3
Jul 2031Jul 2056US750 6.875 %1,065 — 
Subordinated notes 3
Jul 2031Jul 20561,250 6.250 %1,250 — 
Subordinated notes 3
Dec 2026Dec 20812,000 5.000 %2,000 2,000 
Subordinated notes 3
Mar 2027Mar 2082US750 5.250 %1,065 1,029 
40,882 37,932 
Deferred transaction costs and discounts(758)(795)
Deferred government grant liability(78)(79)
Less current portion    (4,855)(1,186)
Total long-term debt    35,191 35,872 
1    Senior notes originally issued by Shaw Communications Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at June 30, 2026 and December 31, 2025.
2    Senior debentures originally issued by Rogers Cable Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at June 30, 2026 and December 31, 2025.
3    The subordinated notes can be redeemed at par on the noted par call date or on any subsequent interest payment date.

Rogers Communications Inc.
22
Second Quarter 2026

The tables below summarize the activity relating to our long-term debt for the three and six months ended June 30, 2026 and 2025.
Three months ended
 June 30, 2026		Six months ended
June 30, 2026
(In millions of dollars, except exchange rates)NotionalExchangeNotionalNotionalExchangeNotional
(US$)rate(Cdn$)(US$)rate(Cdn$)
Credit facility borrowings (Cdn$)50 50 
Credit facility repayments (Cdn$)(50)(165)
Net repayments under credit facilities— (115)
Subordinated note issuances (Cdn$)— 1,250 
Subordinated note issuances (US$)— — — 750 1.379 1,034 
Total issuances of subordinated notes— 2,284 
Net issuance of long-term debt— 2,169 
Three months ended
June 30, 2025		Six months ended
June 30, 2025
(In millions of dollars, except exchange rates)NotionalExchangeNotionalNotionalExchangeNotional
(US$)rate(Cdn$)(US$)rate(Cdn$)
Credit facility borrowings (Cdn$)34 62 
Total credit facility borrowings34 62 
Term loan facility net borrowings (US$) 1
— — — 1 n/m6 
Term loan facility net repayments (US$) 1
(697)1.380 (962)(697)1.380 (962)
Net repayments under term loan facility(962)(956)
Senior note repayments (Cdn$)(1,250)(1,250)
Senior note repayments (US$)— — — (1,000)1.439 (1,439)
Total senior notes repayments(1,250)(2,689)
Net repayment of senior notes(1,250)(2,689)
Subordinated note issuances (Cdn$)— 1,000 
Subordinated note issuances (US$)— — — 2,100 1.432 3,007 
Total issuances of subordinated notes— 4,007 
Net (repayment) issuance of long-term debt(2,178)424 
1    Borrowings under our term loan facility matured and were reissued regularly, such that until repaid, we maintained net outstanding borrowings equivalent to the then-current credit limit on the reissue dates.
Three months ended June 30Six months ended June 30
(In millions of dollars)2026202520262025
Long-term debt, beginning of period
39,547 44,452 37,058 41,896 
Net (repayment) issuance of long-term debt— (2,178)2,169 424 
Decrease (increase) in government grant liability related to Canada Infrastructure Bank facility1 (21)1 (38)
Loss (gain) on foreign exchange466 (1,384)781 (1,398)
Deferred transaction costs derecognized (incurred)2 (49)(24)(100)
Amortization of deferred transaction costs30 32 61 68 
Long-term debt, end of period
40,046 40,852 40,046 40,852 

During the three months ended June 30, 2025, we repaid the $1 billion outstanding under the April 2026 tranche of our $6 billion term loan and terminated the facility.
Rogers Communications Inc.
23
Second Quarter 2026

In July 2026, we amended the terms of our $4 billion revolving credit facility to, among other things, extend the maturity date of the $3 billion tranche to July 2031, from September 2030, and the $1 billion tranche to July 2029, from September 2028.

Subordinated Notes
Issuance of subordinated notes and related debt derivatives
Below is a summary of the subordinated notes we issued during the six months ended June 30, 2026 and 2025.
(In millions of dollars, except interest rates and discounts)Issue price per $1,000 principal amount
Total gross

proceeds 1 (Cdn$)
Transaction costs and
discounts 2 (Cdn$)
Date issued Principal amountDue dateInterest rate
2026 issuances
March 27, 2026 (subordinated) 3
US750 20566.875 %1,000.00 1,034 13 
March 27, 2026 (subordinated) 3
1,250 20566.250 %1,000.00 1,250 13 
2025 issuances
February 12, 2025 (subordinated) 3
US1,100 20557.000 %1,000.00 1,575 21 
February 12, 2025 (subordinated) 3
US1,000 20557.125 %1,000.00 1,432 19 
February 12, 2025 (subordinated) 3
1,000 20555.625 %999.83 1,000 11 
1    Gross proceeds before transaction costs, discounts, and premiums.
2    Transaction costs, discounts, and premiums are included as deferred transaction costs and discounts in the carrying value of the long-term debt, and recognized in net income using the effective interest method.
3    Deferred transaction costs and discounts (if any) in the carrying value of the subordinated notes are recognized in net income using the effective interest method. The subordinated notes due 2056 can be redeemed at par on July 31, 2031, or on any subsequent interest payment date. The three issuances of subordinated notes due 2055 can be redeemed at par on February 15, 2030, February 15, 2035, and February 15, 2030, respectively, or on any subsequent interest payment date.

2026
In March 2026, we issued two tranches of subordinated notes, consisting of:
•US$750 million due 2056 with an initial coupon of 6.875% for the first five years; and
•$1.25 billion due 2056 with an initial coupon of 6.250% for the first five years.

Concurrent with the US dollar-denominated issuances, we entered into debt derivatives to convert all interest and principal payment obligations to Canadian dollars. We received net proceeds of $2.3 billion from the issuance, and we used the proceeds to repay debt.

The US$750 million and the Cdn$1.25 billion notes can be redeemed at par on their five-year anniversary or on any subsequent interest payment date. The subordinated notes are unsecured and subordinated obligations of RCI. Payment on these notes will, under certain circumstances, be subordinated to the prior payment in full of all of our senior indebtedness, including our senior notes, debentures, and bank credit facilities.

2025
In February 2025, we issued three tranches of subordinated notes, consisting of:
•US$1.1 billion due 2055 with an initial coupon of 7.00% for the first five years;
•US$1 billion due 2055 with an initial coupon of 7.125% for the first ten years; and
•$1 billion due 2055 with an initial coupon of 5.625% for the first five years.

Concurrent with these US dollar-denominated issuances, we entered into debt derivatives to convert all interest and principal payment obligations to Canadian dollars. We received net proceeds of $4.0 billion from the issuances.

The US$1.1 billion and the Cdn$1 billion notes can be redeemed at par on their five-year anniversary or on any subsequent interest payment date. The US$1 billion notes can be redeemed at par on their ten-year anniversary or on any subsequent interest payment date. The subordinated notes are unsecured and subordinated obligations of RCI. Payment on these notes will, under certain circumstances, be subordinated to the prior payment in full of all of our senior indebtedness, including our senior notes, debentures, and bank credit facilities.

Repayment of senior notes and related derivative settlements
In March 2025, we repaid the entire outstanding principal of our US$1 billion 2.95% senior notes and settled the associated debt derivatives at maturity. As a result, we repaid $1,344 million, including $95 million received on settlement of the associated debt derivatives.

In April 2025, we repaid the entire outstanding principal of our $1.25 billion 3.10% senior notes at maturity. There were no derivatives associated with these senior notes.

Rogers Communications Inc.
24
Second Quarter 2026

Consent solicitation
In 2025, in connection with the network transaction, we received the requisite consent from the holders of our outstanding senior notes for certain proposed clarifying amendments to the indentures governing those securities, and paid an aggregate of approximately $30 million to the consenting holders for their consents concurrently with the closing of the network transaction plus approximately $18 million of other directly attributable transaction costs. These costs are being amortized into finance costs over the remaining terms of the underlying notes using the effective interest method.

NOTE 16: LEASES

Below is a summary of the activity related to our lease liabilities for the three and six months ended June 30, 2026 and 2025.
 Three months ended June 30Six months ended June 30
(In millions of dollars)2026202520262025
Lease liabilities, beginning of period3,203 2,798 3,118 2,778 
Net additions346 281 581 431 
Interest on lease liabilities41 36 80 72 
Interest payments on lease liabilities(34)(28)(67)(61)
Principal payments of lease liabilities(141)(134)(297)(267)
Lease liabilities, end of period3,415 2,953 3,415 2,953 

NOTE 17: EQUITY

Dividends
Below is a summary of the dividends we declared and paid on our outstanding RCI Class A Voting common shares (Class A Shares) and Class B Non-Voting Shares in 2026 and 2025.
Dividends paid (in millions of dollars)
Number of Class B
Non-Voting
Shares issued
(in thousands) 1
Declaration dateRecord datePayment date
Dividend per
share (dollars)
In cash
In Class B
Non-Voting
Shares
Total
January 28, 2026March 10, 2026April 2, 20260.50 270 — 270 — 
April 21, 2026June 9, 2026July 6, 20260.50 270 — 270 — 
January 29, 2025March 10, 2025April 2, 20250.50 188 81 269 2,181 
April 22, 2025June 9, 2025July 3, 20250.50 270— 270 — 
July 22, 2025September 8, 2025October 3, 20250.50 270— 270 — 
October 22, 2025December 8, 2025January 2, 20260.50 270 — 270 — 
1    Class B Non-Voting Shares were issued as partial settlement of our quarterly dividend payable on the payment date under the terms of our dividend reinvestment plan (DRIP).

On July 21, 2026, the Board declared a quarterly dividend of $0.50 per Class A Share and Class B Non-Voting Share, to be paid on October 2, 2026, to shareholders of record on September 8, 2026.

The holders of Class A Shares are entitled to receive dividends at the rate of up to five cents per share but only after dividends at the rate of five cents per share have been paid or set aside on the Class B Non-Voting Shares. Class A Shares and Class B Non-Voting Shares therefore participate equally in dividends above five cents per share.

Dividends to Non-Controlling Interests
Below is a summary of dividends we declared and paid to non-controlling interests in 2026.
Declaration and payment date
Distributions paid (in millions of dollars)
February 2026116 
May 2026117 

In addition to the payment declared at the May 2026 BNSI board of directors meeting, a dividend of $116 million to be paid in August 2026 has been accrued.

Rogers Communications Inc.
25
Second Quarter 2026

NOTE 18: STOCK-BASED COMPENSATION

Below is a summary of our stock-based compensation expense, which is included in net income, for the three and six months ended June 30, 2026 and 2025.
  Three months ended June 30Six months ended June 30
(In millions of dollars)2026202520262025
Stock options(27)6 (17)(3)
Restricted share units7 18 28 21 
Deferred share units(5)4 (1)2 
Equity derivative effect, net of interest receipt47 (1)37 23 
Total stock-based compensation expense22 27 47 43 
As at June 30, 2026, we had a total liability recognized at its fair value of $146 million (December 31, 2025 - $189 million) related to stock-based compensation, including stock options, restricted share units (RSUs), and deferred share units (DSUs).

During the three and six months ended June 30, 2026, we paid $6 million and $49 million (2025 - $9 million and $35 million), respectively, to holders of stock options, RSUs, and DSUs upon exercise using the cash settlement feature.

Stock Options
The tables below summarize the activity related to stock option plans, including performance options, for the three and six months ended June 30, 2026 and 2025.
  Three months ended June 30, 2026Six months ended June 30, 2026
(In number of units, except prices)Number of options
Weighted average
exercise price
Number of optionsWeighted average
exercise price
Outstanding, beginning of period11,944,894 $58.6011,766,094 $58.58
Granted— — 340,932 $53.94
Exercised— — (162,132)$47.41
Forfeited(50,792)$60.60(50,792)$60.60
Outstanding, end of period11,894,102 $58.5911,894,102 $58.59
Exercisable, end of period8,578,441 $62.648,578,441 $62.64
  Three months ended June 30, 2025Six months ended June 30, 2025
(In number of units, except prices)Number of optionsWeighted average
exercise price		Number of optionsWeighted average
exercise price
Outstanding, beginning of period12,204,957 $58.809,707,847 $63.89
Granted— — 2,687,103 $40.37
Forfeited— — (189,993)$58.26
Outstanding, end of period12,204,957 $58.8012,204,957 $58.80
Exercisable, end of period7,761,043 $64.147,761,043 $64.14

We did not grant any performance options during the three and six months ended June 30, 2026 or 2025.

Unrecognized stock-based compensation expense related to stock option plans was $6 million as at June 30, 2026 (December 31, 2025 - $12 million) and will be recognized in net income within periods of up to the next four years as the options vest.

Rogers Communications Inc.
26
Second Quarter 2026

Restricted Share Units
Below is a summary of the activity related to RSUs outstanding, including performance RSUs, for the three and six months ended June 30, 2026 and 2025.
  Three months ended June 30Six months ended June 30
(In number of units)2026202520262025
Outstanding, beginning of period3,987,160 3,612,051 3,329,552 2,448,224 
Granted and reinvested dividends78,189 104,961 1,559,376 1,866,207 
Exercised(97,819)(231,797)(872,650)(772,477)
Forfeited(135,044)(114,493)(183,792)(171,232)
Outstanding, end of period3,832,486 3,370,722 3,832,486 3,370,722 

Included in the above table are grants of 9,750 and 483,176 performance RSUs to certain key employees during the three and six months ended June 30, 2026 (2025 - 12,419 and 303,486), respectively.

Unrecognized stock-based compensation expense related to these RSUs was $71 million as at June 30, 2026 (December 31, 2025 - $54 million) and will be recognized in net income within periods of up to the next three years as the RSUs vest.

Deferred Share Unit Plan
Below is a summary of the activity related to DSUs outstanding, including performance DSUs, for the three and six months ended June 30, 2026 and 2025.
  Three months ended June 30Six months ended June 30
(In number of units)2026202520262025
Outstanding, beginning of period1,069,204 1,043,879 983,782 908,678 
Granted and reinvested dividends9,992 13,832 98,451 220,089 
Exercised(22,403)(23,633)(25,425)(94,404)
Forfeited(26,217)— (26,232)(285)
Outstanding, end of period1,030,576 1,034,078 1,030,576 1,034,078 

Included in the above table are grants of 1,100 and 2,235 performance DSUs to certain key executives during the three and six months ended June 30, 2026 (2025 - 1,490 and 2,759).

Unrecognized stock-based compensation expense related to granted DSUs was $8 million as at June 30, 2026 (December 31, 2025 - $10 million) and will be recognized in net income over the next three years as the executive DSUs vest. All other DSUs granted are fully vested.

NOTE 19: RELATED PARTY TRANSACTIONS

Controlling Shareholder
We enter into certain transactions with private companies controlled by the controlling shareholder of RCI, the Rogers Control Trust. These transactions were recognized at the amount agreed to by the related parties and are subject to the terms and conditions of formal agreements approved by the Audit and Risk Committee. The totals received or paid during the three and six months ended June 30, 2026 and 2025 were less than $1 million.

Transactions with Related Parties
We have entered into business transactions with Dream Unlimited Corp. (Dream), which is controlled by our Director Michael J. Cooper. Dream is a real estate company that rents spaces in office and residential buildings. Total amounts paid to this related party were nominal for the three and six months ended June 30, 2026 and 2025.

We have also entered into certain transactions with the Shaw Family Group. Total transactions with the Shaw Family Group during the three and six months ended June 30, 2026 and 2025 were less than $1 million.

In addition, we assumed a liability through the Shaw Transaction related to a legacy pension arrangement with one of our directors whereby the director will be paid $1 million per month until March 2035, $3 million and $6 million of which was paid during the three and six months ended June 30, 2026, respectively. The remaining liability of $79 million is included in "accounts payable and accrued liabilities" (for the amount to be paid within the next twelve months) or "other long-term liabilities".
Rogers Communications Inc.
27
Second Quarter 2026

We recognized these transactions at the amounts agreed to by the related parties, which were also approved by the Audit and Risk Committee. The amounts owing for these services were unsecured, interest-free, and generally due for payment in cash within one month of the date of the transaction.

NOTE 20: SUBSEQUENT EVENT

Agreement to Acquire Remaining MLSE Interest
On July 6, 2026, we announced we had entered into an agreement to acquire the remaining 25% ownership interest in MLSE from Kilmer Sports Inc. for $4.35 billion in cash. Upon completion of this transaction, we will own 100% of MLSE. This transaction is subject to league approvals. As a result of this agreement, we have recognized a $1,034 million non-cash loss related to the change in the fair value of the MLSE put liability, from $3.3 billion to $4.35 billion as at June 30, 2026.

MLSE owns the Toronto Maple Leafs (NHL), Toronto Raptors (NBA), Toronto FC (MLS), Toronto Argonauts (CFL), various minor league teams, and associated real estate holdings, including Scotiabank Arena. MLSE also holds interests in certain entities that are complementary to its sports and events businesses.

NOTE 21: SUPPLEMENTAL CASH FLOW INFORMATION

Change in Net Operating Assets and Liabilities
  Three months ended June 30Six months ended June 30
(In millions of dollars)2026202520262025
Accounts receivable, excluding financing receivables(96)(248)249 (35)
Financing receivables144 106 244 198 
Contract assets(6)4 (3)12 
Inventories(92)13 (3)92 
Other current assets87 98 (77)(83)
Accounts payable and accrued liabilities(80)163 (496)(190)
Contract and other liabilities(117)(164)(233)(105)
Total change in net operating assets and liabilities(160)(28)(319)(111)

Capital Expenditures
  Three months ended June 30Six months ended June 30
(In millions of dollars)2026202520262025
Capital expenditures before proceeds on disposition831 885 1,641 1,864 
Proceeds on disposition(136)(54)(138)(55)
Capital expenditures695 831 1,503 1,809 

During the three months ended June 30, 2026, we sold certain wireless and wireline network assets for $136 million (2025 - $47 million). In connection with the sale, we recognized a gain of $30 million.

Rogers Communications Inc.
28
Second Quarter 2026

rogerslogohiresa.jpg
Exhibit 99.3
ROGERS COMMUNICATIONS REPORTS SECOND QUARTER 2026 RESULTS
Rogers reports strong growth in consolidated service revenue and adjusted EBITDA, alongside decline in capital intensity strengthening free cash flow; company completes next stage of sports monetization strategy with agreement to buy remaining 25% minority stake in iconic Maple Leaf Sports & Entertainment (MLSE)
•Total service revenue up 8% to $5.1 billion; adjusted EBITDA up 3% to $2.4 billion
•Free cash flow of $1.0 billion, up 6%
•Capital intensity improves 350 basis points to 12.4%, lowest capital intensity ratio since the first quarter of 2008
•Expects remaining minority stake purchase of MLSE to close in the fourth quarter

Delivers adjusted EBITDA growth in Wireless and Cable; robust base management performance drives notable churn reduction while adding 57,000 combined mobile phone and retail Internet net additions
•Wireless service revenue stable; adjusted EBITDA up 1% with adjusted EBITDA margin up 70 basis points to 66%
•Cable service revenue and adjusted EBITDA both up 1% with adjusted EBITDA margin up 10 basis points to 58%
•Postpaid mobile phone churn of 0.94%, mobile phone ARPU of $54.25
•Added 40,000 mobile phone net additions, including 22,000 postpaid
•Retail Internet net additions of 17,000

Robust sports and media financial results, agreement to purchase remaining minority stake in MLSE position company well for intended sports monetization opportunity
•Revenue of $1.2 billion, up 53%; organic sports and media revenue up 13% excluding impact from MLSE
•Adjusted EBITDA of $69 million, an improvement of $61 million
•Following close of minority stake purchase, investors to be offered minority stake in the consolidated Rogers world-class sports and media holdings to unlock significant value for company

Company reaffirms its 2026 outlook
•Total service revenue growth of 3% to 5%, adjusted EBITDA growth of 1% to 3%, capital expenditures of $2.5 billion to $2.7 billion, and free cash flow of $4.1 billion to $4.3 billion

TORONTO (July 22, 2026) - Rogers Communications Inc. (TSX: RCI.A and RCI.B; NYSE: RCI) today announced its unaudited financial and operating results for the second quarter ended June 30, 2026.

"Our second quarter results reflect strong execution, delivering growth across our three lines of business," said Tony Staffieri, President and CEO. "We’re excited to bring together Canada's premier communications company with one of the world's premier sports and entertainment organizations and unlock long-term value for our shareholders."


Rogers Communications Inc.
1
Second Quarter 2026

Consolidated Financial Highlights
(In millions of Canadian dollars, except per share amounts, unaudited)Three months ended June 30Six months ended June 30
20262025% Chg20262025% Chg
Total revenue5,615 5,216 8 11,097 10,192 9 
Total service revenue5,055 4,668 8 9,967 9,115 9 
Adjusted EBITDA 1
2,442 2,362 3 4,806 4,616 4 
Net (loss) income(665)148 n/m(183)428 n/m
Net (loss) income attributable to RCI shareholders(726)157 n/m(288)437 n/m
Adjusted net income 1
633 632 — 1,183 1,175 1 
Adjusted net income attributable to RCI shareholders 1
640 620 3 1,190 1,163 2 
Diluted (loss) earnings per share attributable to RCI shareholders
($1.37)$0.29 n/m($0.55)$0.79 n/m
Adjusted diluted earnings per share attributable to RCI shareholders 1
$1.15 $1.14 1 $2.17 $2.14 1 
Cash provided by operating activities1,517 1,596 (5)3,012 2,892 4 
Free cash flow 1
982 925 6 1,758 1,511 16 
n/m - not meaningful

Strategic Highlights

The five objectives set out below guide our work and decision-making as we further improve our operational execution and make well-timed investments to grow our core businesses and deliver increased shareholder value. Below are some highlights for the quarter.

Build the biggest and best networks in the country
•Ranked best 5G+ network in Canada by umlaut in June 2026, a global leader in independent network performance benchmarking.
•Expanded satellite-to-mobile coverage to the US for roaming customers, providing the most coverage in Canada and the US of any Canadian wireless service provider.
•Deployed cloud-native network technology as an additional layer of mobile network resilience with Nokia and AWS – a global first.
•Invested $27 million to upgrade Canada’s best 5G+ network at stadiums and fan zones in Toronto and Vancouver, host cities for the FIFA World Cup.

Deliver easy to use, reliable products and services
•Expanded Rogers Xfinity Multiview to allow viewers to watch four live events at once.
•Delivered new 5G+ plans with premium features, including industry‑first Priority Network Access.
•Launched Rogers Red Partner, an integrated point-of-sale and credit card program for small- and medium-sized businesses.

Be the first choice for Canadians
•More Canadians continued to choose Rogers Wireless and Internet over any other provider.
•Attracted attendance over 95% of capacity for Toronto Blue Jays games at Rogers Centre, the best second quarter attendance since 1994.
•Reached 24 million Canadians throughout the 2026 Stanley Cup Playoffs on Sportsnet.
•Secured the #1 Canadian conventional English-language drama for the third consecutive year with Law & Order Toronto: Criminal Intent.

Be a strong national company investing in Canada
•Invested $695 million in capital expenditures.
•Launched "The 5.2 Project" as part of our Screen Break program to help Canadian youth balance their screen time.
•Named one of Canada’s Greenest Employers for the eleventh consecutive year by Mediacorp Canada Inc.
•Announced a new long-term agreement renewing Rogers as a partner of Toronto Pearson Airport.


1 Adjusted EBITDA is a total of segments measure. Free cash flow is a capital management measure. Capital intensity and Wireless mobile phone ARPU are supplementary financial measures. Adjusted diluted earnings per share is a non-GAAP ratio. Adjusted net income and adjusted net income attributable to RCI shareholders (a component of adjusted diluted earnings per share) are non-GAAP financial measures. See "Non-GAAP and Other Financial Measures" in our Q2 2026 Management's Discussion and Analysis (MD&A), available at www.sedarplus.ca, and this earnings release for more information about each of these measures. These are not standardized financial measures under International Financial Reporting Standards (IFRS) and might not be comparable to similar financial measures disclosed by other companies.
Rogers Communications Inc.
2
Second Quarter 2026

Be the growth leader in our industry
•Grew total service revenue by 8% and adjusted EBITDA by 3%.
•Generated strong free cash flow of $982 million and cash flow from operating activities of $1,517 million.

Update on sports and entertainment assets
On July 6, 2026, we announced we had entered into an agreement to acquire the remaining 25% ownership interest in MLSE from Kilmer Sports Inc. for $4.35 billion in cash (MLSE minority interest acquisition), which we intend to fund through existing and new short-term credit facilities. Upon completion of this transaction, we will own 100% of MLSE. This transaction is subject to league approvals and is expected to close in the fourth quarter. As a result of this agreement, we have recognized a loss related to the MLSE put liability (see "Review of Consolidated Performance" for more information).

MLSE owns the Toronto Maple Leafs (NHL), Toronto Raptors (NBA), Toronto FC (MLS), Toronto Argonauts (CFL), various minor league teams, and associated real estate holdings, including Scotiabank Arena. MLSE also holds interests in certain entities that are complementary to its sports and events businesses. Following completion of this transaction, MLSE will become a wholly owned subsidiary of Rogers, further enhancing our sports and entertainment portfolio, which also includes the Toronto Blue Jays, Rogers Centre, and Sportsnet.

Following the close of the above transaction, we intend to pursue the sale of a minority interest in our consolidated sports, media, and entertainment assets (Rogers Sports) to third-party investors over the next year. We expect this will unlock significant value for Rogers.

Quarterly Financial Highlights

Revenue
Total revenue and total service revenue increased by 8% this quarter, primarily as a result of revenue growth in Media and Cable.

Wireless service revenue this quarter was in line with the prior year as the impact of the cumulative addition of new customers was offset by a decline in mobile phone ARPU. Wireless equipment revenue increased by 2%, primarily as a result of a continued shift in the product mix towards higher-value devices.

Cable service revenue increased by 1% this quarter, primarily as a result of retail Internet subscriber growth and base management activities. Excluding the impact of the sale of our customer-facing data centre business in 2025, Cable service revenue would have increased by 2% this quarter.

Media revenue increased by 53% this quarter, primarily as a result of revenue from MLSE following the July 1, 2025 closing of the MLSE Transaction.

Adjusted EBITDA and margins
Consolidated adjusted EBITDA increased 3% this quarter, primarily as a result of EBITDA growth in Media, and our adjusted EBITDA margin decreased by 180 basis points.

Wireless adjusted EBITDA increased by 1%, primarily as a result of higher equipment margins. This gave rise to an adjusted EBITDA margin of 66%, up 70 basis points.

Cable adjusted EBITDA increased by 1% due to the flow-through impact of higher revenue, as discussed above. This gave rise to an adjusted EBITDA margin of 58%, up 10 basis points. Excluding the impact of the sale of our customer-facing data centre business in 2025, Cable adjusted EBITDA would have increased by 2% this quarter.

Media adjusted EBITDA increased by $61 million this quarter, primarily due to the aforementioned revenue impacts and associated costs.

Net loss and adjusted net income
There was a net loss of $665 million this quarter as a result of the $1,034 million non-cash loss on revaluation of the MLSE put liability (see "Update on sports and entertainment assets"). Adjusted net income this quarter was in line with the prior year, as higher adjusted EBITDA was offset by higher depreciation and amortization and higher finance costs.

Cash flow, available liquidity, and returns to shareholders
This quarter, we generated cash provided by operating activities of $1,517 million (2025 - $1,596 million), which decreased as a result of higher net investment in net operating assets and liabilities partially offset by higher adjusted EBITDA, and free cash flow of $982 million (2025 - $925 million), which increased primarily as a result of lower capital expenditures and higher adjusted EBITDA, partially offset by distributions to non-controlling interests. Our free cash flow generation is expected to further strengthen our balance sheet over time through accelerated repayment of debt.
Rogers Communications Inc.
3
Second Quarter 2026

As at June 30, 2026, we had $6.1 billion of available liquidity2 (December 31, 2025 - $5.9 billion), reflecting $1.7 billion in cash and cash equivalents and $4.4 billion available under our bank and other credit facilities.

Our debt leverage ratio2 was 3.8 as at June 30, 2026 (December 31, 2025 - 4.0, or 3.92 on an adjusted basis to include trailing 12-month adjusted EBITDA of a combined Rogers and MLSE as if the MLSE Transaction had closed at the beginning of the trailing 12-month period). See "Financial Condition" for more information.

We also returned $270 million in dividends to shareholders this quarter and we declared a $0.50 per share dividend on July 21, 2026.

2    Available liquidity and debt leverage ratio are capital management measures. Pro forma debt leverage ratio is a non-GAAP ratio. Pro forma trailing 12-month adjusted EBITDA is a non-GAAP financial measure and is a component of pro forma debt leverage ratio. See "Non-GAAP and Other Financial Measures" and "Financial Condition" in our Q2 2026 Management's Discussion and Analysis (MD&A), available at www.sedarplus.ca, and "Non-GAAP and Other Financial Measures" in this earnings release for more information about these measures. These are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other companies. See "Financial Condition" in our Q2 2026 MD&A for a reconciliation of available liquidity.
Rogers Communications Inc.
4
Second Quarter 2026

About this Earnings Release

This earnings release contains important information about our business and our performance for the three and six months ended June 30, 2026 and forward-looking information (see "About Forward-Looking Information") about future periods. This earnings release should be read in conjunction with our Second Quarter 2026 Interim Condensed Consolidated Financial Statements (Second Quarter 2026 Interim Financial Statements) and notes thereto, which have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB); our Second Quarter 2026 MD&A; our 2025 Annual MD&A; our 2025 Annual Audited Consolidated Financial Statements and notes thereto, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the IASB; and our other recent filings with Canadian and US securities regulatory authorities, including our Annual Information Form, which are available on SEDAR+ at sedarplus.ca or EDGAR at sec.gov.

For more information about Rogers, including product and service offerings, competitive market and industry trends, our overarching strategy, key performance drivers, and objectives, see "Understanding Our Business", "Corporate Overview", and "Delivering on our Priorities" in our 2025 Annual MD&A.

References to the Shaw Transaction are to our acquisition of Shaw Communications Inc. (Shaw) on April 3, 2023 (see "Shaw Transaction" in our 2023 Annual MD&A and our 2023 Annual Audited Consolidated Financial Statements). References to the MLSE Transaction are to our acquisition of BCE Inc.'s (Bell) indirect 37.5% interest in Maple Leaf Sports & Entertainment Ltd. (MLSE) on July 1, 2025 (see "MLSE Transaction" in our 2025 Annual MD&A and our 2025 Annual Audited Consolidated Financial Statements). References to the "network transaction" are to our sale of a non-controlling interest in Backhaul Network Services Inc. (BNSI), a Canadian subsidiary of Rogers that owns a minor part of our wireless network (see "Subsidiary Equity Investment" in our 2025 Annual MD&A and our 2025 Annual Audited Consolidated Financial Statements).

We, us, our, Rogers, Rogers Communications, and the Company refer to Rogers Communications Inc. and its subsidiaries. RCI refers to the legal entity Rogers Communications Inc., not including its subsidiaries. Rogers also holds interests in various investments and ventures.

All dollar amounts in this earnings release are in Canadian dollars unless otherwise stated and are unaudited. All percentage changes are calculated using the rounded numbers as they appear in the tables. This earnings release is current as at July 21, 2026 and was approved by the Audit and Risk Committee of RCI's Board of Directors (the Board) on that date.

In this earnings release, this quarter, the quarter, or second quarter refer to the three months ended June 30, 2026, the first quarter refers to the three months ended March 31, 2026, and year to date refers to the six months ended June 30, 2026, unless the context indicates otherwise. All results commentary is in descending order of magnitude and is compared to the equivalent period in 2025 or as at December 31, 2025, as applicable, unless otherwise indicated.

Xfinity marks and logos are trademarks of Comcast Corporation, used under license. ©2026 Comcast. Rogers trademarks in this earnings release are owned or used under licence by Rogers Communications Inc. or an affiliate. This earnings release may also include trademarks of other third parties. The trademarks referred to in this earnings release may be listed without the ™ symbols. ©2026 Rogers Communications

Reportable segments
We report our results of operations in three reportable segments. Each segment and the nature of its business is as follows:
SegmentPrincipal activities
WirelessWireless telecommunications operations for Canadian consumers, businesses, the public sector, and wholesale providers.
CableCable telecommunications operations, including Internet, television and other video (Video), Satellite, telephony (Home Phone), and home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets.
MediaA diversified portfolio of media properties, including sports media and entertainment, sports team ownership, television and radio broadcasting, specialty channels, and digital media.

Wireless and Cable are operated by our wholly owned subsidiary, Rogers Communications Canada Inc. (RCCI), and certain other subsidiaries. Media is operated by our wholly owned subsidiary, Rogers Media Inc., its subsidiaries, and MLSE. Effective July 2025, TSC was transferred from the Media reportable segment to Corporate Items, consistent with changes to its management structure. Comparative results have been recast to reflect this change, with no impact on consolidated results.
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Second Quarter 2026

Summary of Consolidated Financial Results
  Three months ended June 30Six months ended June 30
(In millions of dollars, except margins and per share amounts)20262025% Chg20262025% Chg
 
Revenue
Wireless2,540 2,540 — 5,131 5,084 1 
Cable1,984 1,968 1 3,932 3,903 1 
Media1,155 757 53 2,143 1,299 65 
Corporate items and intercompany eliminations(64)(49)31 (109)(94)16 
Revenue5,615 5,216 8 11,097 10,192 9 
Total service revenue 1
5,055 4,668 8 9,967 9,115 9 
Adjusted EBITDA
Wireless1,313 1,305 1 2,636 2,616 1 
Cable1,158 1,147 1 2,280 2,255 1 
Media69 8 n/m69 (55)n/m
Corporate items and intercompany eliminations(98)(98)— (179)(200)(11)
Adjusted EBITDA 2,442 2,362 3 4,806 4,616 4 
Adjusted EBITDA margin 2
43.5 %45.3 %(1.8 pts)43.3 %45.3 %(2.0 pts)
 
Net (loss) income(665)148 n/m(183)428 n/m
Net (loss) income attributable to RCI shareholders(726)157 n/m(288)437 n/m
(Loss) earnings per share attributable to RCI shareholders:
Basic($1.34)$0.29 n/m($0.53)$0.81 n/m
Diluted($1.37)$0.29 n/m($0.55)$0.79 n/m
 
Adjusted net income 2
633 632 — 1,183 1,175 1 
Adjusted net income attributable to RCI shareholders 2
640 620 3 1,190 1,163 2 
Adjusted earnings per share attributable to RCI shareholders 2:
Basic
$1.19 $1.15 3 $2.20 $2.16 2 
Diluted
$1.15 $1.14 1 $2.17 $2.14 1 
 
Capital expenditures695 831 (16)1,503 1,809 (17)
Cash provided by operating activities1,517 1,596 (5)3,012 2,892 4 
Free cash flow982 925 6 1,758 1,511 16 
1    As defined. See "Key Performance Indicators".
2    Adjusted EBITDA margin is a supplementary financial measure. Adjusted basic and adjusted diluted earnings per share attributable to RCI shareholders are non-GAAP ratios (of which adjusted net income attributable to RCI shareholders is a component). These are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other companies. See "Non-GAAP and Other Financial Measures" in our Q2 2026 MD&A for more information about each of these measures, available at www.sedarplus.ca.

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Second Quarter 2026

Results of our Reportable Segments

WIRELESS

Wireless Financial Results
 Three months ended June 30Six months ended June 30
(In millions of dollars, except margins)20262025% Chg20262025% Chg
 
Revenue
Service revenue from external customers
1,954 1,972 (1)3,951 3,975 (1)
Service revenue from internal customers36 27 33 70 50 40 
Service revenue
1,990 1,999 — 4,021 4,025 — 
Equipment revenue from external customers
550 541 2 1,110 1,059 5 
Revenue
2,540 2,540 — 5,131 5,084 1 
 
Operating costs
Cost of equipment503 528 (5)1,044 1,036 1 
Other operating costs
724 707 2 1,451 1,432 1 
Operating costs
1,227 1,235 (1)2,495 2,468 1 
 
Adjusted EBITDA1,313 1,305 1 2,636 2,616 1 
 
Adjusted EBITDA margin 1
66.0 %65.3 %0.7 pts65.6 %65.0 %0.6 pts
Capital expenditures
188 365 (48)467 772 (40)
1    Calculated using service revenue.

Wireless Subscriber Results 1
  Three months ended June 30Six months ended June 30
(In thousands, except churn and mobile phone ARPU)20262025Chg20262025Chg
Postpaid mobile phone
Gross additions333 362 (29)762 699 63 
Net additions22 35 (13)50 46 4 
Total postpaid mobile phone subscribers 2
11,045 10,910 135 11,045 10,910 135 
Churn (monthly)0.94 %1.00 %(0.06 pts)1.08 %1.01 %0.07 pts
Prepaid mobile phone
Gross additions199 135 64 348 267 81 
Net additions18 26 (8)23 49 (26)
Total prepaid mobile phone subscribers 2
1,223 1,160 63 1,223 1,160 63 
Churn (monthly)5.01 %3.23 %1.78 pts4.52 %3.28 %1.24 pts
Mobile phone ARPU (monthly) 3
$54.25 $55.45 ($1.20)$54.94 $56.24 ($1.30)
1    Subscriber counts and subscriber churn are key performance indicators. See "Key Performance Indicators".
2    As at end of period.
3    Mobile phone ARPU is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" in our Q2 2026 MD&A for more information about this measure, available at www.sedarplus.ca.

Service revenue
Service revenue this quarter and year to date were in line with the prior year as the cumulative addition of new customers was offset by a decline in mobile phone ARPU as a result of the cumulative impact of competitive intensity.

The decreases in postpaid gross and net additions this quarter were a result of the overall slowing of population growth in Canada. The increases in postpaid gross and net additions year to date were a result of sales execution in a highly promotional and competitive Canadian market in the first quarter of 2026.

Equipment revenue
The 2% increase in equipment revenue this quarter and 5% increase year to date were primarily a result of:
•a continued shift in the product mix towards higher-value devices; partially offset by
•a decrease in new subscribers purchasing devices.

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Second Quarter 2026

The increase year to date was also affected by higher device upgrades by existing customers.

Operating costs
Cost of equipment
The 5% decrease in the cost of equipment this quarter and 1% increase year to date were a result of the equipment revenue changes discussed above.

Other operating costs
The 2% increase in other operating costs this quarter and 1% increase year to date were a result of:
•costs associated with our new satellite-to-mobile product offering; and
•higher costs associated with marketing and advertising initiatives.

Adjusted EBITDA
The 1% increases in adjusted EBITDA this quarter and year to date were a result of the revenue and expense changes discussed above.

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Second Quarter 2026

CABLE

Cable Financial Results
  Three months ended June 30Six months ended June 30
(In millions of dollars, except margins)20262025% Chg20262025% Chg
Revenue
Service revenue from external customers
1,952 1,944 — 3,874 3,851 1 
Service revenue from internal customers22 17 29 38 34 12 
Service revenue
1,974 1,961 1 3,912 3,885 1 
Equipment revenue from external customers
10 7 43 20 18 11 
Revenue1,984 1,968 1 3,932 3,903 1 
Operating costs
826 821 1 1,652 1,648 — 
Adjusted EBITDA1,158 1,147 1 2,280 2,255 1 
Adjusted EBITDA margin58.4 %58.3 %0.1 pts58.0 %57.8 %0.2 pts
Capital expenditures367 404 (9)775 850 (9)

Cable Subscriber Results 1
  Three months ended June 30Six months ended June 30
(In thousands, except ARPA and penetration)20262025Chg20262025Chg
Homes passed 2
10,624 10,354 270 10,624 10,354 270 
Customer relationships
Net additions9 16 (7)6 20 (14)
Total customer relationships 2
4,862 4,825 37 4,862 4,825 37 
ARPA (monthly) 3
$135.49 $135.74 ($0.25)$134.32 $136.59 ($2.27)
Penetration 2
45.8 %46.6 %(0.8 pts)45.8 %46.6 %(0.8 pts)
Retail Internet
Net additions17 26 (9)24 49 (25)
Total retail Internet subscribers 2
4,521 4,446 75 4,521 4,446 75 
Video
Net losses(22)(25)3 (54)(57)3 
Total Video subscribers 2
2,449 2,560 (111)2,449 2,560 (111)
Home Monitoring
Net additions1 3 (2)5 8 (3)
Total Home Monitoring subscribers 2
158 141 17 158 141 17 
Home Phone
Net losses(26)(29)3 (56)(55)(1)
Total Home Phone subscribers 2
1,333 1,452 (119)1,333 1,452 (119)
1    Subscriber results are key performance indicators. See "Key Performance Indicators".
2    As at end of period.
3    ARPA is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" in our Q2 2026 MD&A for more information about this measure, available at www.sedarplus.ca.

Service revenue
The 1% increases in service revenue this quarter and year to date were a result of:
•retail Internet subscriber growth; and
•base management activities, including adjustments to subscriber rates and bundled service offerings; partially offset by
•declines in our Home Phone and Video subscriber bases.

Excluding the impact of the sale of our customer-facing data centre business in 2025, Cable service revenue would have increased by 2% this quarter and year to date.

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Second Quarter 2026

Operating costs
The 1% increase in operating costs this quarter was a result of:
•increased licensing rights associated with changes to our bundled service offerings; partially offset by
•other efficiency and productivity initiatives.

Operating costs for the year to date were stable.

Adjusted EBITDA
The 1% increases in adjusted EBITDA this quarter and year to date were a result of the service revenue and expense changes discussed above. Excluding the impact of the sale of our customer-facing data centre business in 2025, Cable adjusted EBITDA would have increased by 2% this quarter and year to date.
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Second Quarter 2026

MEDIA

Media Financial Results
  Three months ended June 30Six months ended June 30
(In millions of dollars, except margins)20262025% Chg20262025% Chg
Revenue from external customers1,075 679 58 1,991 1,142 74 
Revenue from internal customers80 78 3 152 157 (3)
Revenue
1,155 757 53 2,143 1,299 65 
Operating costs
1,086 749 45 2,074 1,354 53 
Adjusted EBITDA69 8 n/m69 (55)n/m
Adjusted EBITDA margin6.0 %1.1 %4.9 pts3.2 %(4.2)%7.4 pts
Capital expenditures43 26 65 119 61 95 

Revenue
The 53% increase in revenue this quarter and 65% increase year to date were a result of:
•approximately $0.31 billion and $0.79 billion in revenue from the consolidation of MLSE beginning in the second half of 2025, respectively; and
•excluding the consolidation of MLSE, organic growth of 13% and 6%, respectively, substantially reflects higher Toronto Blue Jays revenue, primarily driven by higher game day attendance and sponsorships. Higher subscriber revenue from the Warner Bros. Discovery suite of channels substantially offset lower advertising revenue, primarily as a result of lower participation by Canadian teams in the NHL playoffs and ongoing softness in media advertising.

Operating costs
The $337 million (45%) increase in operating costs this quarter and $720 million (53%) increase year to date were a result of:
•approximately $0.23 billion and $0.64 billion of increased costs from the consolidation of MLSE; and
•the combined effect of higher player salaries and other game day costs at the Toronto Blue Jays and higher programming costs.

Adjusted EBITDA
The increases in adjusted EBITDA this quarter and year to date were a result of the revenue and expense changes discussed above.
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Second Quarter 2026

CAPITAL EXPENDITURES
  Three months ended June 30Six months ended June 30
(In millions of dollars, except capital intensity)20262025% Chg20262025% Chg
Wireless188 365 (48)467 772 (40)
Cable367 404 (9)775 850 (9)
Media43 26 65 119 61 95 
Corporate97 36 169 142 126 13 
Capital expenditures 1
695 831 (16)1,503 1,809 (17)
Capital intensity 2
12.4 %15.9 %(3.5 pts)13.5 %17.7 %(4.2 pts)
1    Includes additions to property, plant and equipment net of proceeds on disposition and accrued government grants, but does not include expenditures for spectrum licences, additions to right-of-use assets, or assets acquired through business combinations.
2    Capital intensity is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" in our Q2 2026 MD&A for more information about this measure, available at www.sedarplus.ca.

We continue to (i) expand the reach and capacity of our 5G network across the country and (ii) invest in fibre deployments, including fibre-to-the-home (FTTH), in our cable network as we expand our network footprint to reach more homes and businesses, including in rural, remote, and Indigenous communities. These investments are expected to strengthen network resilience and stability and help us bridge the digital divide by expanding our network further into rural and underserved areas through participation in various programs and projects.

In April 2026, we updated our 2026 capital expenditure guidance range (see "Financial Guidance") as a direct reflection of the ongoing impacts from heightened competitive intensity and recent regulatory decisions. Our strategic priorities remain unchanged and our current capital expenditure guidance range continues to support these priorities. We expect to achieve our guidance range through (i) ongoing investments progressing at a slower pace, (ii) the deferral and/or cancellation of certain projects, and (iii) lower capital costs for projects, most predominantly affecting Wireless and Cable.

Wireless
In addition to the above, the decreases in capital expenditures in Wireless this quarter and year to date were due to the impact of $90 million of proceeds received on the sale of certain network assets. We continued to expand and enhance our wireless network through investments in network development and 5G deployment. We are actively deploying advanced spectrum assets, including the ongoing rollout of 3500 MHz spectrum and 3800 MHz spectrum. These investments build on our existing 5G infrastructure in the 600 MHz spectrum band, enabling greater speed, lower latency, and improved reliability for customers across urban and rural areas.

Cable
In addition to the above, the decreases in capital expenditures in Cable this quarter and year to date were a result of customers increasingly choosing to self-install new products. This quarter, we also sold certain cable network assets for $46 million (2025 - $47 million), the proceeds from which reduced capital expenditures. We are growing our network through expanded fibre deployments to increase our FTTH distribution and to extend our service footprint. At the same time, we are enhancing our network by upgrading our DOCSIS 3.1 platform as we transition to DOCSIS 4.0 to improve network resilience, stability, and capacity while delivering faster speeds. As part of this upgrade, we are rolling out mid-split technology (which has a greater number of frequencies than older technology and also allocates a greater number of frequencies to uploading data) in Ontario and Eastern Canada, significantly increasing upload speeds. These advancements leverage the latest technologies to provide greater bandwidth, improved performance, and an enhanced customer experience as we advance our connected home roadmap.

Media
The increases in capital expenditures in Media this quarter and year to date primarily reflect the continued modernization of Rogers Centre and Scotiabank Arena.

Capital intensity
Capital intensity decreased this quarter and year to date as a result of the revenue growth and capital expenditure changes discussed above.


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Second Quarter 2026

Review of Consolidated Performance

This section discusses our consolidated net income and other income and expenses that do not form part of the segment discussions above.
  Three months ended June 30Six months ended June 30
(In millions of dollars)20262025% Chg20262025% Chg
Adjusted EBITDA2,442 2,362 3 4,806 4,616 4 
Deduct (add):
Depreciation and amortization1,194 1,184 1 2,415 2,350 3 
Restructuring, acquisition and other211 238 (11)260 365 (29)
Finance costs565 628 (10)1,008 1,207 (16)
Gain on disposition of assets
(30)— — (30)— — 
Other expense (income)1,019 (9)n/m1,015 (7)n/m
Income tax expense148 173 (14)321 273 18 
Net (loss) income(665)148 n/m(183)428 n/m

Depreciation and amortization
  Three months ended June 30Six months ended June 30
(In millions of dollars)20262025% Chg20262025% Chg
Depreciation of property, plant and equipment931 933 — 1,888 1,864 1 
Depreciation of right-of-use assets122 113 8 244 211 16 
Amortization141 138 2 283 275 3 
Total depreciation and amortization1,194 1,184 1 2,415 2,350 3 

Restructuring, acquisition and other
Three months ended June 30Six months ended June 30
(In millions of dollars)2026202520262025
Restructuring, acquisition and other excluding Shaw Transaction integration-related costs
207 213 245 303 
Shaw Transaction integration-related costs
4 25 15 62 
Total restructuring, acquisition and other211 238 260 365 

The restructuring, acquisition and other costs excluding Shaw Transaction integration-related costs in the second quarters of 2025 and 2026 primarily include severance and other departure-related costs associated with the targeted restructuring of our employee base, specifically including $120 million arising from a voluntary departure program in 2026. Year to date, we also incurred costs associated with certain litigation. In 2025, these costs also included costs related to the network transaction, an unfavourable regulatory decision related to retransmission of distant signals, and real estate rationalization programs.

The Shaw Transaction integration-related costs in 2025 and 2026 consisted of incremental costs supporting integration activities related to the Shaw Transaction.

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Second Quarter 2026

Finance costs
  Three months ended June 30Six months ended June 30
(In millions of dollars)20262025% Chg20262025% Chg
Interest on borrowings, net 1
502 488 3 984 999 (2)
Interest on lease liabilities41 36 14 80 72 11 
Interest on post-employment benefits
(1)(1)— (3)(3)— 
Loss (gain) on foreign exchange30 (75)n/m37 (86)n/m
Change in fair value of derivative instruments(23)59 n/m(35)72 n/m
Change in fair value of subsidiary equity derivative instruments 2
(16)93 n/m(121)93 n/m
Capitalized interest(8)(8)— (14)(17)(18)
Deferred transaction costs and other40 36 11 80 77 4 
Total finance costs565 628 (10)1,008 1,207 (16)
1    Interest on borrowings, net includes interest on short-term borrowings and on long-term debt.
2    Reflects the change in fair value of derivatives entered into related to the network transaction (see "Financial Risk Management" in our Q2 2026 MD&A for more information). This amount is removed from the calculation of adjusted net income and adjusted net income attributable to RCI shareholders (see below).

Other expense
The other expense this quarter and year to date primarily reflects a $1,034 million non-cash loss to recognize the change in the fair value of the MLSE put liability from $3.3 billion to $4.35 billion as at June 30, 2026 (see "Update on sports and entertainment assets").

Income tax expense
  Three months ended June 30Six months ended June 30
(In millions of dollars, except tax rates)2026202520262025
Statutory income tax rate26.2 %26.2 %26.2 %26.2 %
(Loss) income before income tax expense(517)321 138 701 
Computed income tax (recovery) expense(135)84 36 184 
Increase (decrease) in income tax expense resulting from:
Non-(taxable) deductible stock-based compensation(7)1 (4)(1)
Non-(taxable) deductible portion of equity (income) losses(1)1 (3)1 
Non-deductible loss on revaluation of MLSE put liability
274 — 274 — 
Non-(taxable) deductible portion of capital (gains) losses(10)44 (10)44 
Unrealized capital losses for which no deferred tax asset is recognized19 45 19 45 
Other items8 (2)9 — 
Total income tax expense148 173 321 273 
Effective income tax rate(28.6)%53.9 %232.6 %38.9 %
Cash income taxes paid166 126 366 314 

Cash income taxes paid increased this quarter and year to date due to timing of installments.

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Second Quarter 2026

Net (loss) income
  Three months ended June 30Six months ended June 30
(In millions of dollars, except per share amounts)20262025% Chg20262025% Chg
Net (loss) income(665)148 n/m(183)428 n/m
Net (loss) income attributable to RCI shareholders(726)157 n/m(288)437 n/m
Basic (loss) earnings per share attributable to RCI shareholders($1.34)$0.29 n/m($0.53)$0.81 n/m
Diluted (loss) earnings per share attributable to RCI shareholders($1.37)$0.29 n/m($0.55)$0.79 n/m

Adjusted net income
We calculate adjusted net income from adjusted EBITDA as follows:
  Three months ended June 30Six months ended June 30
(In millions of dollars, except per share amounts)20262025% Chg20262025% Chg
Adjusted EBITDA2,442 2,362 3 4,806 4,616 4 
Deduct (add):
Depreciation and amortization 1
1,022 972 5 2,062 1,909 8 
Finance costs 2
581 535 9 1,129 1,114 1 
Other income 3
(15)(9)67 (19)(7)171 
Income tax expense 4
221 232 (5)451 425 6 
Adjusted net income
633 632 — 1,183 1,175 1 
Adjusted net income attributable to RCI shareholders
640 620 3 1,190 1,163 2 
Adjusted earnings per share attributable to RCI shareholders:
Basic
$1.19 $1.15 3 $2.20 $2.16 2 
Diluted
$1.15 $1.14 1 $2.17 $2.14 1 
1    Depreciation and amortization excludes depreciation and amortization on the fair value increment recognized on acquisition of Shaw Transaction-related property, plant and equipment and intangible assets for the three and six months ended June 30, 2026 of $172 million and $353 million (2025 - $212 million and $441 million). Adjusted net income includes depreciation and amortization on the acquired Shaw property, plant and equipment and intangible assets based on Shaw's historical cost and depreciation policies.
2    Finance costs exclude the $16 million and $121 million (2025 - $93 million and $93 million) change in fair value of subsidiary equity derivative instruments for the three and six months ended June 30, 2026.
3    Other income excludes a $1,034 million non-cash loss on revaluation of the MLSE put liability (see "Update on sports and entertainment assets" for more information).
4    Income tax expense excludes recoveries of $73 million and $130 million (2025 - recoveries of $59 million and $152 million), respectively, for the three and six months ended June 30, 2026 related to the income tax impact for adjusted items.

Regulatory Developments

See "Regulation in our Industry" in our 2025 Annual MD&A for a discussion of the significant regulations that affected our operations as at March 6, 2026. The following are the relevant developments since that date.

Prohibition of Fees
On March 12, 2026, the Canadian Radio‑television and Telecommunications Commission (CRTC) issued Telecom Regulatory Policy CRTC 2026‑43, Prohibition of fees that are a barrier to switching cellphone and Internet plans, regarding fees incurred as a result of activating or modifying telecommunications service plans. The policy amends both the Internet Code and the Wireless Code to add a new definition of "activation or modification fee", which amendments became effective on June 12, 2026. On June 30, 2026, the CRTC issued Notice of Consultation CRTC 2026-155, Show cause and call for comments – Compliance with the prohibition of fees that are a barrier to switching cellphone and Internet plans, requiring each of Rogers, Bell, and Telus Corporation to show cause why certain fees charged by those carriers that the CRTC believes may be in contravention of Telecom Regulatory Policy 2026-43 are not in violation of sections 24 and 27.04 of the Telecommunications Act and Telecom Regulatory Policy 2026-43. Submissions addressing the issues are due to the CRTC by July 30, 2026.

CRTC Codes of Conduct
On April 13, 2026, in Telecom Regulatory Policy CRTC 2026-67, Enhancing customer notifications, the CRTC amended the Wireless Code and the Internet Code to set out what information must be included in notices sent to customers before the end of their contract and to require notifications to customers before the end of a time-limited discount or promotion and
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when their data usage reaches $50 when roaming internationally. The new requirements will come into effect on April 13, 2027.

Online Streaming Act
On May 21, 2026, the CRTC issued Broadcasting Regulatory Policies CRTC 2026-95 and 2026-96, which introduced (i) a new financial contribution requirement of 1.55% of annual Canadian broadcasting revenues to support a new Services of Exceptional Importance Fund (SEIF) applicable to all broadcasting ownership groups with annual revenues of at least $100 million and (ii) a new Canadian Programming Expenditures (CPE) framework. On June 3, 2026, the Government of Canada directed the CRTC to review its decision to regulate online streamers and Canadian broadcasters and stated it would be issuing new policy directions to the CRTC requiring it to adjust its implementation of the Online Streaming Act.

Updates to Risks and Uncertainties

See "Risk Management" and "Regulation in our Industry" in our 2025 Annual MD&A for a discussion of the principal risks and uncertainties that could have a material adverse effect on our business and financial results as at March 6, 2026, which should be reviewed in conjunction with this earnings release. The following updates and supplements those risks and uncertainties.

Monetization of sports, media, and entertainment assets
We intend to sell a minority interest in Rogers Sports after obtaining a 100% ownership interest in MLSE (see "Update on sports and entertainment assets"). While we believe there is a significant market for these assets, there is no guarantee we will be successful in selling a minority interest, whether at the expected investment amount, within the anticipated timing, or at all. Such a sale would also require approval from the various leagues governing our professional sports teams, which is not guaranteed. We may not proceed with, or complete, any sale of a minority interest in Rogers Sports, whether at the expected investment amount, within the anticipated timing, or at all, due to alternative opportunities or requirements, general economic and market conditions, or other internal or external considerations.

Sports franchises
After obtaining a 100% ownership interest in MLSE (see "Update on sports and entertainment assets"), our exposure to risks associated with owning and operating sports franchises will increase.

Financial Guidance

On April 22, 2026, concurrently with the release of our first quarter 2026 results, we updated our consolidated guidance ranges for select full-year 2026 financial metrics that were originally provided on January 29, 2026 as a direct reflection of the ongoing impacts from heightened competitive intensity and recent regulatory decisions. This press release is available under Rogers' profile on SEDAR+ at sedarplus.ca and on EDGAR at sec.gov.

Key Performance Indicators

We measure the success of our strategy using a number of key performance indicators that are defined and discussed in our 2025 Annual MD&A and this earnings release. We believe these key performance indicators allow us to appropriately measure our performance against our operating strategy and against the results of our peers and competitors. The following key performance indicators, some of which are supplementary financial measures (see "Non-GAAP and Other Financial Measures"), are not measurements in accordance with IFRS. They include:
•subscriber counts;
•Wireless;
•Cable; and
•homes passed (Cable);
•Wireless subscriber churn (churn);
•Wireless mobile phone average revenue per user
(ARPU);
•Cable average revenue per account (ARPA);
•Cable customer relationships;
•Cable market penetration (penetration);
•capital intensity; and
•total service revenue.



Rogers Communications Inc.
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Second Quarter 2026

Non-GAAP and Other Financial Measures

Reconciliation of adjusted EBITDA
  Three months ended June 30Six months ended June 30
(In millions of dollars)2026202520262025
Net (loss) income(665)148 (183)428 
Add (deduct):
Income tax expense148 173 321 273 
Finance costs565 628 1,008 1,207 
Depreciation and amortization1,194 1,184 2,415 2,350 
EBITDA1,242 2,133 3,561 4,258 
Add (deduct):
Other expense (income)1,019 (9)1,015 (7)
Restructuring, acquisition and other211 238 260 365 
Gain on disposition of assets
(30)— (30)— 
Adjusted EBITDA2,442 2,362 4,806 4,616 

Reconciliation of adjusted net income
  Three months ended June 30Six months ended June 30
(In millions of dollars)2026202520262025
Net (loss) income(665)148 (183)428 
Add (deduct):
Restructuring, acquisition and other211 238 260 365 
Change in fair value of subsidiary equity derivative instruments
(16)93 (121)93 
Depreciation and amortization on fair value increment of Shaw Transaction-related assets172 212 353 441 
Loss on revaluation of MLSE put liability
1,034 — 1,034 — 
Gain on disposition of assets(30)— (30)— 
Income tax impact of above items(73)(59)(130)(152)
Adjusted net income633 632 1,183 1,175 

Reconciliation of pro forma trailing 12-month adjusted EBITDA
  As at
December 31
(In millions of dollars)2025
Trailing 12-month adjusted EBITDA 9,820 
Add (deduct):
MLSE adjusted EBITDA - January to June 2025166 
Pro forma trailing 12-month adjusted EBITDA9,986 

Rogers Communications Inc.
17
Second Quarter 2026

Reconciliation of adjusted net income attributable to RCI shareholders
  Three months ended June 30Six months ended June 30
(In millions of dollars)2026202520262025
Net (loss) income attributable to RCI shareholders(726)157 (288)437 
Add (deduct):
Restructuring, acquisition and other211 238 260 365 
Change in fair value of subsidiary equity derivative instruments
(16)93 (121)93 
Depreciation and amortization on fair value increment of Shaw Transaction-related assets172 212 353 441 
Loss on revaluation of MLSE put liability
1,034 — 1,034 — 
Gain on disposition of assets
(30)— (30)— 
Revaluation of subsidiary US dollar-denominated balances 1
80 (21)131 (21)
Income tax impact of above items(85)(59)(149)(152)
Adjusted net income attributable to RCI shareholders
640 620 1,190 1,163 
1    Reflects RCI's share of the impacts of foreign exchange revaluation on US dollar-denominated intercompany balances in BNSI, our non-wholly owned subsidiary formed in connection with the network transaction. These impacts are eliminated on consolidation.

Reconciliation of free cash flow
  Three months ended June 30Six months ended June 30
(In millions of dollars)2026202520262025
Cash provided by operating activities1,517 1,596 3,012 2,892 
Add (deduct):
Capital expenditures(695)(831)(1,503)(1,809)
Interest on borrowings, net and capitalized interest(494)(480)(970)(982)
Interest paid456 395 1,008 990 
Restructuring, acquisition and other211 238 260 365 
Program rights amortization(33)(31)(86)(50)
Change in net operating assets and liabilities160 28 319 111 
Distributions paid by subsidiaries to non-controlling interests(117)— (233)— 
Net cash proceeds on subsidiary equity derivatives12 — 24 — 
Post-employment benefit contributions, net of expense(18)(19)(34)(36)
Cash flows relating to other operating activities(16)38 (37)35 
Other investment income(1)(9)(2)(5)
Free cash flow982 925 1,758 1,511 

Rogers Communications Inc.
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Second Quarter 2026

Rogers Communications Inc.
Interim Condensed Consolidated Statements of Income
(In millions of Canadian dollars, except per share amounts, unaudited)
  Three months ended June 30Six months ended June 30
  2026202520262025
Revenue5,615 5,216 11,097 10,192 
Operating expenses:
Operating costs3,173 2,854 6,291 5,576 
Depreciation and amortization1,194 1,184 2,415 2,350 
Restructuring, acquisition and other211 238 260 365 
Finance costs565 628 1,008 1,207 
Gain on disposition of assets(30)— (30)— 
Other expense (income)1,019 (9)1,015 (7)
(Loss) income before income tax expense(517)321 138 701 
Income tax expense148 173 321 273 
Net (loss) income for the period(665)148 (183)428 
Net (loss) income for the period attributable to:
RCI shareholders(726)157 (288)437 
Non-controlling interest61 (9)105 (9)
(Loss) earnings per share attributable to RCI shareholders:
Basic($1.34)$0.29($0.53)$0.81
Diluted($1.37)$0.29($0.55)$0.79
Rogers Communications Inc.
19
Second Quarter 2026

Rogers Communications Inc.
Interim Condensed Consolidated Statements of Financial Position
(In millions of Canadian dollars, unaudited)
As at
June 30		As at
December 31
  20262025
Assets
Current assets:
Cash and cash equivalents1,726 1,344 
Accounts receivable5,728 6,105 
Inventories553 550 
Current portion of contract assets153 151 
Other current assets1,341 1,239 
Current portion of derivative instruments303 99 
Total current assets9,804 9,488 
Property, plant and equipment26,286 26,307 
Intangible assets28,771 28,898 
Investments1,292 1,291 
Derivative instruments960 746 
Financing receivables1,065 1,198 
Other long-term assets2,093 2,052 
Goodwill20,032 20,032 
Total assets90,303 90,012 
Liabilities and equity
Current liabilities:
Short-term borrowings2,237 4,000 
Accounts payable and accrued liabilities4,375 4,831 
Other current liabilities4,838 3,831 
Contract liabilities952 1,114 
Current portion of long-term debt4,855 1,186 
Current portion of lease liabilities728 690 
Total current liabilities17,985 15,652 
Provisions56 55 
Long-term debt35,191 35,872 
Lease liabilities2,687 2,428 
Other long-term liabilities2,063 2,225 
Deferred tax liabilities9,471 9,494 
Total liabilities67,453 65,726 
Equity
Equity attributable to RCI shareholders16,559 17,751 
Non-controlling interest6,291 6,535 
Equity22,850 24,286 
Total liabilities and equity90,303 90,012 
Rogers Communications Inc.
20
Second Quarter 2026

Rogers Communications Inc.
Interim Condensed Consolidated Statements of Cash Flows
(In millions of Canadian dollars, unaudited)
  Three months ended June 30Six months ended June 30
  2026202520262025
Operating activities:
Net (loss) income for the period(665)148 (183)428 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization1,194 1,184 2,415 2,350 
Program rights amortization33 31 86 50 
Finance costs565 628 1,008 1,207 
Income tax expense148 173 321 273 
Post-employment benefits contributions, net of expense18 19 34 36 
Income from associates and joint ventures(14)— (17)(2)
Gain on disposition of assets(30)— (30)— 
Loss on revaluation of MLSE put liability1,034 — 1,034 — 
Other16 (38)37 (35)
Cash provided by operating activities before changes in net operating assets and liabilities, income taxes paid, and interest paid2,299 2,145 4,705 4,307 
Change in net operating assets and liabilities(160)(28)(319)(111)
Income taxes paid(166)(126)(366)(314)
Interest paid, net(456)(395)(1,008)(990)
Cash provided by operating activities1,517 1,596 3,012 2,892 
Investing activities:
Capital expenditures(695)(831)(1,503)(1,809)
Additions to program rights and other intangible assets(43)(24)(141)(48)
Changes in non-cash working capital related to investing activities(83)(68)(195)(56)
Acquisitions and other strategic transactions, net of cash acquired— — (85)— 
Other(6)7 (9)8 
Cash used in investing activities(827)(916)(1,933)(1,905)
Financing activities:
Net proceeds received from (repayment of) short-term borrowings161 (483)(1,791)(1,336)
Net (repayment) issuance of long-term debt— (2,178)2,169 424 
Net proceeds (payments) on settlement of debt derivatives and subsidiary equity derivatives20 (6)26 77 
Transaction costs incurred(2)(61)(29)(99)
Principal payments of lease liabilities(141)(134)(297)(267)
Dividends paid to RCI shareholders(270)(188)(540)(373)
Distributions paid by subsidiaries to non-controlling interests(117)— (233)— 
Issuance of subsidiary shares to non-controlling interest— 6,656 — 6,656 
Other(1)(3)(2)(4)
Cash (used in) provided by financing activities(350)3,603 (697)5,078 
Change in cash and cash equivalents340 4,283 382 6,065 
Cash and cash equivalents, beginning of period1,386 2,680 1,344 898 
Cash and cash equivalents, end of period1,726 6,963 1,726 6,963 

Rogers Communications Inc.
21
Second Quarter 2026

About Forward-Looking Information

This earnings release includes "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information"), and assumptions about, among other things, our business, operations, and financial performance and condition approved by our management on the date of this earnings release. This forward-looking information and these assumptions include, but are not limited to, statements about our objectives and strategies to achieve those objectives, and about our beliefs, plans, expectations, anticipations, estimates, or intentions.

Forward-looking information
•typically includes words like could, expect, may, anticipate, assume, believe, intend, estimate, plan, project, guidance, outlook, target, and similar expressions;
•includes conclusions, forecasts, and projections that are based on our current objectives and strategies and on estimates, expectations, assumptions, and other factors that we believe to have been reasonable at the time they were applied but may prove to be incorrect; and
•was approved by our management on the date of this earnings release.

Our forward-looking information in this earnings release includes forecasts and projections related to the following items, among others:
•revenue;
•total service revenue;
•adjusted EBITDA;
•capital expenditures;
•cash income tax payments;
•free cash flow (including its application to strengthen our balance sheet through accelerated debt repayment);
•dividend payments;
•the growth of new products and services;
•expected growth in subscribers and the services to which they subscribe;
•the cost of acquiring and retaining subscribers and deployment of new services;
•continued cost reductions and efficiency improvements;
•our debt leverage ratio and how we intend to manage that ratio;
•the completion and funding of the MLSE minority interest acquisition, including its timing, and the sale of a minority interest in Rogers Sports to third-party investors, including the timing, size, and proceeds therefrom; and
•all other statements that are not historical facts.

Our conclusions, forecasts, and projections in this earnings release are based on a number of estimates, expectations, assumptions, and other factors, including, among others:
•general economic and industry conditions, including the effects of inflation;
•currency exchange rates and interest rates;
•product pricing levels and competitive intensity;
•subscriber growth;
•pricing, usage, and churn rates;
•changes in government regulation;
•technology and network deployment;
•availability of devices;
•timing of new product launches;
•content and equipment costs;
•the integration of acquisitions; and
•industry structure and stability.

Except as otherwise indicated, this earnings release and our forward-looking information do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetization events, mergers, acquisitions, other business combinations, or other transactions that may be considered or announced or may occur after the date on which the statement containing the forward-looking information is made.

Risks and uncertainties
Actual events and results may differ materially from what is expressed or implied by forward-looking information in this earnings release as a result of risks, uncertainties, and other factors, many of which are beyond our control or our current expectations or knowledge, including, but not limited to:
•regulatory changes;
•technological changes;
•economic, geopolitical, and other conditions affecting commercial activity and the costs of goods and services, including the potential application or modification of tariffs, trade wars, recessions, or reduced immigration levels;
•unanticipated changes in content or equipment costs;
•changing conditions in the sports, media, entertainment, information, and communications industries;
•performance of our sports teams, including uncertainty as to their participation or success in their respective postseasons;
•sports-related work stoppages or cancellations and labour disputes;
•the integration of acquisitions;
•litigation and tax matters;
•the level of competitive intensity;
•the emergence of new opportunities;
•external threats, such as epidemics, pandemics, and other public health crises, natural disasters, the effects of climate change, or cyberattacks, among others;
Rogers Communications Inc.
22
Second Quarter 2026

•the MLSE minority interest acquisition is subject to closing conditions and termination rights and may not be completed on the anticipated terms, in the anticipated timeline, or at all;
•the anticipated benefits of the MLSE minority interest acquisition may not be realized;
•we may be unable to proceed with, or complete, the sale of a minority interest in Rogers Sports, within the anticipated timing or at all, due to alternative opportunities or requirements, general economic and market conditions, or other internal or external considerations;
•if completed, the sale of a minority interest in Rogers Sports may not be at the expected valuation or may not raise the anticipated proceeds;
•we may fund all or a portion of the MLSE minority interest acquisition through alternate sources;
•new interpretations or accounting standards, or changes to existing interpretations and accounting standards, from accounting standards bodies;
•changes to the methodology, criteria, or conclusions used by rating agencies in assessing or assigning equity treatment or equity credit on our subordinated notes or for the network transaction; and
•the other risks outlined in "Risks and Uncertainties Affecting our Business" in our 2025 Annual MD&A and "Updates to Risks and Uncertainties" in this earnings release.

These risks, uncertainties, and other factors can also affect our objectives, strategies, plans, and intentions. Should one or more of these risks, uncertainties, or other factors materialize, our objectives, strategies, plans, or intentions change, or any other factors or assumptions underlying the forward-looking information prove incorrect, our actual results and our plans could vary materially from what we currently foresee.

Accordingly, we warn investors to exercise caution when considering statements containing forward-looking information and caution them that it would be unreasonable to rely on such statements as creating legal rights regarding our future results or plans. We are under no obligation (and we expressly disclaim any such obligation) to update or alter any statements containing forward-looking information or the factors or assumptions underlying them, whether as a result of new information, future events, or otherwise, except as required by law. All of the forward-looking information in this earnings release is qualified by the cautionary statements herein.

Before making an investment decision
Before making any investment decisions and for a detailed discussion of the risks, uncertainties, and environment associated with our business, its operations, and its financial performance and condition, fully review the sections in our 2025 Annual MD&A entitled "Regulation in our Industry" and "Risk Management", as well as our various other filings with Canadian and US securities regulators, which can be found at sedarplus.ca and sec.gov, respectively. Information on or connected to sedarplus.ca, sec.gov, our website, or any other website referenced in this document is not part of or incorporated into this earnings release.

About Rogers

Rogers is Canada's communications, sports and entertainment company and its shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI).

Investment Community Contact

Paul Carpino
647.435.6470
paul.carpino@rci.rogers.com

Media Contact

Sarah Schmidt
647.643.6397
sarah.schmidt@rci.rogers.com

Quarterly Investment Community Teleconference

Our second quarter 2026 results teleconference with the investment community will be held on:
•July 22, 2026
•8:00 a.m. Eastern Time
•webcast available at about.rogers.com/investor-relations
•media are welcome to participate on a listen-only basis

A rebroadcast will be available at about.rogers.com/investor-relations for at least two weeks following the teleconference. Additionally, investors should note that from time to time, Rogers management presents at brokerage-sponsored investor conferences. Most often, but not always, these conferences are webcast by the hosting brokerage firm, and when they are webcast, links are made available on our website at about.rogers.com/investor-relations.

For More Information

You can find more information relating to us on our website (about.rogers.com/investor-relations), on SEDAR+ (sedarplus.ca), and on EDGAR (sec.gov), or you can e-mail us at investor.relations@rci.rogers.com. Information on or connected to these and any other websites referenced in this earnings release is not part of, or incorporated into, this earnings release.
Rogers Communications Inc.
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Second Quarter 2026


You can also go to about.rogers.com/investor-relations for information about our governance practices, corporate social responsibility reporting, a glossary of communications and media industry terms, and additional information about our business.

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Rogers Communications Inc.
24
Second Quarter 2026

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